Core Scientific (NASDAQ:CORZ) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Core Scientific (NASDAQ:CORZ) from a hold rating to a strong sell rating in a research note released on Wednesday morning,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. B. Riley raised Core Scientific from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Wednesday, October 22nd. Craig Hallum set a $27.00 target price on shares of Core Scientific in a research note on Friday, October 31st. Compass Point started coverage on shares of Core Scientific in a report on Monday, September 15th. They issued a “buy” rating on the stock. Citigroup raised shares of Core Scientific from a “market perform” rating to an “outperform” rating in a report on Thursday, December 18th. Finally, Sanford C. Bernstein boosted their target price on shares of Core Scientific from $17.00 to $24.00 and gave the company an “outperform” rating in a research report on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.18.

Core Scientific Stock Up 9.8%

Shares of Core Scientific stock opened at $15.99 on Wednesday. Core Scientific has a 12-month low of $6.20 and a 12-month high of $23.63. The stock has a market capitalization of $4.96 billion, a P/E ratio of 106.61 and a beta of 6.77. The company has a 50-day simple moving average of $16.91 and a 200 day simple moving average of $15.85.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Friday, October 24th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.85) by $0.39. The business had revenue of $81.10 million during the quarter, compared to analyst estimates of $107.18 million. On average, equities analysts anticipate that Core Scientific will post 0.52 earnings per share for the current year.

Insider Activity

In related news, Director Eric Stanton Weiss purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were purchased at an average cost of $21.50 per share, with a total value of $107,500.00. Following the transaction, the director directly owned 226,687 shares in the company, valued at $4,873,770.50. This trade represents a 2.26% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.40% of the company’s stock.

Institutional Trading of Core Scientific

A number of hedge funds have recently bought and sold shares of CORZ. Xponance Inc. increased its stake in Core Scientific by 2.7% in the third quarter. Xponance Inc. now owns 22,334 shares of the company’s stock worth $401,000 after purchasing an additional 595 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Core Scientific by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,029 shares of the company’s stock valued at $377,000 after acquiring an additional 711 shares in the last quarter. Orion Porfolio Solutions LLC grew its holdings in Core Scientific by 5.2% in the third quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company’s stock worth $279,000 after purchasing an additional 766 shares during the last quarter. HHM Wealth Advisors LLC lifted its holdings in shares of Core Scientific by 96.5% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company’s stock valued at $33,000 after purchasing an additional 946 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in shares of Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after buying an additional 950 shares during the last quarter.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.