Core Scientific (NASDAQ:CORZ) Lowered to “Market Perform” Rating by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods cut shares of Core Scientific (NASDAQ:CORZ) from an outperform rating to a market perform rating in a research report sent to investors on Monday, MarketBeat.com reports. Keefe, Bruyette & Woods currently has $25.00 price target on the stock.

Several other equities research analysts also recently commented on CORZ. Canaccord Genuity Group set a $30.00 target price on shares of Core Scientific in a research report on Friday, May 8th. Lucid Cap Mkts upgraded shares of Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $32.00 price target on shares of Core Scientific in a research report on Wednesday, June 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. Finally, Freedom Capital raised Core Scientific to a “hold” rating in a report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Core Scientific currently has an average rating of “Moderate Buy” and a consensus price target of $30.39.

Core Scientific Trading Down 8.8%

NASDAQ CORZ opened at $20.74 on Monday. The company has a market cap of $6.59 billion, a P/E ratio of -18.19 and a beta of 5.50. The company has a fifty day simple moving average of $25.36 and a 200 day simple moving average of $20.74. Core Scientific has a 12-month low of $12.60 and a 12-month high of $30.46.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data 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 business had revenue of $115.24 million for the quarter, compared to analysts’ expectations of $117.04 million. During the same quarter last year, the firm posted $1.25 EPS. The company’s revenue was up 44.9% on a year-over-year basis. Sell-side analysts predict that Core Scientific will post 0.08 EPS for the current year.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $22.63, for a total value of $226,300.00. Following the completion of the sale, the insider owned 2,023,426 shares in the company, valued at $45,790,130.38. This represents a 0.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 70,000 shares of company stock worth $1,802,400. 1.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Core Scientific by 18.7% in the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock valued at $494,462,000 after buying an additional 5,359,710 shares during the last quarter. FNY Investment Advisers LLC bought a new position in shares of Core Scientific in the fourth quarter valued at approximately $1,252,000. Nations Financial Group Inc. IA ADV bought a new position in shares of Core Scientific in the fourth quarter valued at approximately $2,980,000. Jennison Associates LLC purchased a new stake in shares of Core Scientific during the fourth quarter valued at approximately $14,075,000. Finally, Oasis Management Co Ltd. purchased a new stake in shares of Core Scientific during the fourth quarter valued at approximately $38,493,000.

Core Scientific Company Profile

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.