Core Scientific (NASDAQ:CORZ) Upgraded by Freedom Capital to “Hold” Rating

Freedom Capital upgraded shares of Core Scientific (NASDAQ:CORZ) to a hold rating in a research report released on Monday,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on the company. Jefferies Financial Group boosted their price objective on Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $32.00 price objective on shares of Core Scientific in a research note on Wednesday, June 3rd. Canaccord Genuity Group set a $30.00 price objective on Core Scientific in a research note on Friday, May 8th. BTIG Research boosted their price objective on Core Scientific from $23.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Finally, Needham & Company LLC boosted their price objective on Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $29.49.

Core Scientific Trading Down 0.5%

Shares of NASDAQ CORZ opened at $28.08 on Monday. Core Scientific has a twelve month low of $10.93 and a twelve month high of $30.46. The stock has a 50 day moving average of $23.25 and a two-hundred day moving average of $19.02. The stock has a market cap of $8.93 billion, a P/E ratio of -24.63 and a beta of 5.49.

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

Insider Activity at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $26.85, for a total transaction of $268,500.00. Following the completion of the sale, the insider owned 2,068,895 shares in the company, valued at $55,549,830.75. This represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 70,000 shares of company stock worth $1,464,400 in the last three months. 1.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Several large investors have recently modified their holdings of CORZ. AQR Capital Management LLC raised its stake in shares of Core Scientific by 106.1% during 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Core Scientific by 180.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company’s stock worth $8,032,000 after purchasing an additional 714,388 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Core Scientific by 200.0% during the second quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock worth $663,000 after purchasing an additional 25,878 shares during the last quarter. Franklin Resources Inc. purchased a new stake in shares of Core Scientific during the second quarter worth approximately $181,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Core Scientific by 61.9% during the second quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock worth $67,000 after purchasing an additional 1,507 shares during the last quarter.

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.