Core Scientific (NASDAQ:CORZ) Stock Rating Lowered by Zacks Research

Core Scientific (NASDAQ:CORZ) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other research analysts have also recently issued reports on CORZ. Citizens Jmp raised Core Scientific from a “market perform” rating to an “outperform” rating and set a $30.00 target price on the stock in a research report on Thursday, December 18th. Jefferies Financial Group set a $24.00 price objective on shares of Core Scientific and gave the stock a “buy” rating in a report on Tuesday, October 28th. Sanford C. Bernstein upped their target price on shares of Core Scientific from $17.00 to $24.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. UBS Group set a $30.00 price target on shares of Core Scientific in a research report on Wednesday, October 22nd. Finally, Macquarie raised shares of Core Scientific from a “hold” rating to an “outperform” rating and boosted their price objective for the company from $18.00 to $34.00 in a research report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Core Scientific has a consensus rating of “Moderate Buy” and a consensus price target of $23.18.

Core Scientific Trading Up 9.8%

NASDAQ:CORZ opened at $15.99 on Wednesday. The company has a market cap of $4.96 billion, a PE ratio of 106.61 and a beta of 6.77. The company has a 50 day simple moving average of $16.91 and a two-hundred day simple moving average of $15.85. Core Scientific has a 12 month low of $6.20 and a 12 month high of $23.63.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Friday, October 24th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.85) by $0.39. The firm had revenue of $81.10 million during the quarter, compared to analysts’ expectations of $107.18 million. Research analysts forecast that Core Scientific will post 0.52 earnings per share for the current year.

Insider Activity

In other news, Director Eric Stanton Weiss acquired 5,000 shares of Core Scientific stock in a transaction dated Tuesday, November 4th. The stock was purchased at an average cost of $21.50 per share, with a total value of $107,500.00. Following the completion of the purchase, the director directly owned 226,687 shares in the company, valued at approximately $4,873,770.50. This trade represents a 2.26% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Core Scientific by 5.0% in the third quarter. Vanguard Group Inc. now owns 28,600,610 shares of the company’s stock worth $513,095,000 after acquiring an additional 1,351,395 shares during the period. Jericho Capital Asset Management L.P. purchased a new position in Core Scientific in the 3rd quarter worth approximately $209,895,000. Situational Awareness LP boosted its stake in Core Scientific by 76.8% in the 2nd quarter. Situational Awareness LP now owns 7,994,038 shares of the company’s stock worth $136,458,000 after purchasing an additional 3,472,460 shares during the period. Geode Capital Management LLC grew its holdings in Core Scientific by 26.2% during the 2nd quarter. Geode Capital Management LLC now owns 7,371,211 shares of the company’s stock valued at $125,842,000 after buying an additional 1,530,466 shares in the last quarter. Finally, ORG Wealth Partners LLC grew its holdings in Core Scientific by 1.8% during the 3rd quarter. ORG Wealth Partners LLC now owns 7,290,481 shares of the company’s stock valued at $130,791,000 after buying an additional 128,284 shares in 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.