Core Scientific (NASDAQ:CORZ) Reaches New 52-Week Low Following Analyst Downgrade

Core Scientific, Inc. (NASDAQ:CORZGet Rating)’s share price reached a new 52-week low on Thursday after B. Riley lowered their price target on the stock from $10.00 to $7.00. B. Riley currently has a buy rating on the stock. Core Scientific traded as low as 1.91 and last traded at 1.96, with a volume of 202675 shares. The stock had previously closed at 2.13.

A number of other analysts also recently weighed in on the stock. Chardan Capital assumed coverage on shares of Core Scientific in a report on Friday, June 3rd. They issued a “buy” rating and a $8.00 target price on the stock. LADENBURG THALM/SH SH reduced their target price on shares of Core Scientific from $18.75 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, May 31st. Finally, BTIG Research reduced their target price on shares of Core Scientific from $18.00 to $8.00 and set a “buy” rating on the stock in a report on Friday, June 3rd.

In related news, insider Darin Feinstein sold 450,000 shares of the company’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of 3.70, for a total transaction of 1,665,000.00. Following the transaction, the insider now directly owns 36,033,592 shares in the company, valued at approximately 133,324,290.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 2,074,147 shares of company stock worth $7,303,137 over the last quarter. 32.00% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in CORZ. BlackRock Inc. purchased a new stake in Core Scientific in the 1st quarter valued at about $26,186,000. Vanguard Group Inc. purchased a new stake in Core Scientific in the 1st quarter valued at about $25,373,000. Toroso Investments LLC purchased a new stake in Core Scientific in the 1st quarter valued at about $11,541,000. Invesco Ltd. purchased a new stake in Core Scientific in the 1st quarter valued at about $10,700,000. Finally, Charles Schwab Investment Management Inc. purchased a new stake in Core Scientific in the 1st quarter valued at about $9,456,000.

The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.95 and a current ratio of 1.95. The business’s 50-day moving average price is 4.26.

Core Scientific (NASDAQ:CORZGet Rating) last released its quarterly earnings data on Thursday, May 12th. The company reported 0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of 0.13 by 0.18. The company had revenue of 192.52 million during the quarter, compared to analysts’ expectations of 164.20 million. On average, analysts anticipate that Core Scientific, Inc. will post 0.81 EPS for the current year.

About Core Scientific (NASDAQ:CORZ)

Core Scientific, Inc provides net carbon-neutral blockchain infrastructure and digital asset mining solutions in North America. It operates in two segments, Equipment Sales and Hosting. It offers blockchain hosting services with deployment and provide power, racks, proprietary thermodynamic management, redundant connectivity, and 24/7 security, as well as its proprietary software platforms, such as Minder and MinderOS, which provides infrastructure management and custom firmware; and digital asset mining operation focuses on the generation of digital assets by solving complex cryptographic algorithms to validate transactions on specific digital asset network blockchains.

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