Core Scientific (NASDAQ:CORZ) Stock Rating Lowered by Needham & Company LLC

Core Scientific (NASDAQ:CORZ) was downgraded by stock analysts at Needham & Company LLC from a “moderate buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Marketbeat.com reports. They currently have a $18.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 43.88% from the stock’s current price.

Other analysts have also issued research reports about the stock. BTIG Research lowered shares of Core Scientific from a “strong-buy” rating to a “hold” rating and set a $20.00 price objective on the stock. in a research report on Monday, July 7th. Craig Hallum lowered shares of Core Scientific from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 7th. B. Riley lowered Core Scientific from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Roth Mkm reissued a “buy” rating and set a $20.00 price objective on shares of Core Scientific in a report on Thursday, June 26th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research report on Friday, June 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Core Scientific presently has an average rating of “Moderate Buy” and an average target price of $18.22.

Core Scientific Stock Down 5.1%

Shares of Core Scientific stock opened at $12.51 on Thursday. The company has a market cap of $3.73 billion, a PE ratio of -2.49 and a beta of 6.71. Core Scientific has a 52 week low of $6.20 and a 52 week high of $18.63. The business has a 50 day moving average price of $12.22 and a 200-day moving average price of $11.12.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to analysts’ expectations of $92.04 million. The firm’s revenue for the quarter was down 55.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.78 earnings per share. As a group, research analysts anticipate that Core Scientific will post 0.52 EPS for the current year.

Insider Buying and Selling

In other news, Director Yadin Rozov purchased 110,000 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The shares were purchased at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the acquisition, the director owned 475,687 shares in the company, valued at $5,170,717.69. This trade represents a 30.08% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Todd M. Duchene sold 60,000 shares of the company’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total transaction of $679,800.00. Following the completion of the transaction, the insider directly owned 2,100,102 shares in the company, valued at approximately $23,794,155.66. The trade was a 2.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold 117,759 shares of company stock valued at $1,391,434 over the last 90 days. 1.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CORZ. Bank of New York Mellon Corp boosted its position in shares of Core Scientific by 62.8% during the 4th quarter. Bank of New York Mellon Corp now owns 834,077 shares of the company’s stock valued at $11,719,000 after acquiring an additional 321,738 shares during the last quarter. US Bancorp DE purchased a new stake in Core Scientific in the fourth quarter valued at approximately $99,000. Charles Schwab Investment Management Inc. raised its stake in Core Scientific by 23.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,392,092 shares of the company’s stock valued at $33,609,000 after purchasing an additional 459,630 shares in the last quarter. Victory Capital Management Inc. raised its stake in Core Scientific by 12.2% in the fourth quarter. Victory Capital Management Inc. now owns 29,890 shares of the company’s stock valued at $420,000 after purchasing an additional 3,257 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Core Scientific by 46.4% in the 4th quarter. Arizona State Retirement System now owns 56,190 shares of the company’s stock worth $789,000 after buying an additional 17,797 shares during the last quarter.

About Core Scientific

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.