HC Wainwright Reaffirms Neutral Rating for Core Scientific (NASDAQ:CORZ)

Core Scientific (NASDAQ:CORZ)‘s stock had its “neutral” rating reaffirmed by research analysts at HC Wainwright in a report issued on Monday,Benzinga reports.

CORZ has been the topic of a number of other reports. Macquarie downgraded shares of Core Scientific from a “strong-buy” rating to a “hold” rating and set a $15.00 target price on the stock. in a report on Thursday, July 10th. Oppenheimer restated a “market perform” rating on shares of Core Scientific in a report on Monday, July 7th. Needham & Company LLC downgraded shares of Core Scientific from a “moderate buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a report on Thursday, July 10th. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a report on Friday, June 27th. Finally, JMP Securities restated a “market perform” rating and issued a $15.00 target price on shares of Core Scientific in a report on Monday, July 14th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Core Scientific currently has an average rating of “Hold” and a consensus price target of $18.32.

Core Scientific Stock Performance

CORZ opened at $14.41 on Monday. Core Scientific has a fifty-two week low of $6.20 and a fifty-two week high of $18.63. The firm’s fifty day moving average is $13.56 and its 200 day moving average is $10.94. The stock has a market cap of $4.29 billion, a price-to-earnings ratio of -25.73 and a beta of 6.60.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $78.63 million during the quarter, compared to the consensus estimate of $82.09 million. The company’s quarterly revenue was down 44.3% on a year-over-year basis. On average, equities research analysts predict that Core Scientific will post 0.52 earnings per share for the current year.

Insider Transactions at Core Scientific

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

Institutional Investors Weigh In On Core Scientific

Hedge funds have recently modified their holdings of the business. State of Wyoming acquired a new position in shares of Core Scientific during the first quarter worth $34,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Core Scientific during the first quarter worth $38,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Core Scientific during the first quarter worth $50,000. Bernard Wealth Management Corp. acquired a new position in shares of Core Scientific during the second quarter worth $51,000. Finally, CWM LLC increased its position in shares of Core Scientific by 403.9% during the first quarter. CWM LLC now owns 8,092 shares of the company’s stock worth $59,000 after purchasing an additional 6,486 shares in 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.