Core Scientific (NASDAQ:CORZ) Trading Down 8.1% After Analyst Downgrade

Core Scientific, Inc. (NASDAQ:CORZ) shares were down 8.1% during mid-day trading on Monday after Keefe, Bruyette & Woods downgraded the stock from an outperform rating to a market perform rating. Keefe, Bruyette & Woods now has a $25.00 price target on the stock. Core Scientific traded as low as $21.41 and last traded at $20.9080. Approximately 1,776,641 shares changed hands during trading, a decline of 86% from the average daily volume of 12,433,539 shares. The stock had previously closed at $22.75.

Several other equities analysts have also commented on the company. Loop Capital set a $40.00 target price on Core Scientific in a report on Friday, June 12th. Jefferies Financial Group raised their target price on Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. Cantor Fitzgerald upped their target price on shares of Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Finally, Canaccord Genuity Group set a $30.00 price target on shares of Core Scientific in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $30.39.

Insider Activity at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $22.63, for a total transaction of $226,300.00. Following the sale, the insider directly owned 2,023,426 shares in the company, valued at approximately $45,790,130.38. The trade was a 0.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 70,000 shares of company stock worth $1,802,400. 1.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC lifted its position in Core Scientific by 106.1% in the first quarter. AQR Capital Management LLC now owns 283,432 shares of the company’s stock worth $2,052,000 after purchasing an additional 145,905 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Core Scientific by 180.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company’s stock valued at $8,032,000 after purchasing an additional 714,388 shares during the period. Cetera Investment Advisers increased its position in shares of Core Scientific by 200.0% during the 2nd quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock valued at $663,000 after purchasing an additional 25,878 shares during the period. Franklin Resources Inc. bought a new stake in shares of Core Scientific in the 2nd quarter worth $181,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Core Scientific by 61.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock worth $67,000 after buying an additional 1,507 shares in the last quarter.

Core Scientific Stock Performance

The company has a market cap of $6.59 billion, a P/E ratio of -18.19 and a beta of 5.50. The stock has a 50 day moving average price of $25.36 and a 200 day moving average price of $20.74.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The company had revenue of $115.24 million during the quarter, compared to analyst estimates of $117.04 million. The firm’s quarterly revenue was up 44.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.25 earnings per share. As a group, equities research analysts predict that Core Scientific, Inc. will post 0.08 earnings per share for the current year.

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.