Core Scientific (NASDAQ:CORZ) Cut to Market Perform at Keefe, Bruyette & Woods

Core Scientific (NASDAQ:CORZ) was downgraded by equities researchers at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a note issued to investors on Monday, Marketbeat Ratings reports. They currently have a $25.00 price target on the stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 9.89% from the company’s current price.

Several other brokerages have also recently issued reports on CORZ. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Core Scientific in a research note on Wednesday, June 3rd. B. Riley Financial lifted their price target on shares of Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. Needham & Company LLC upped their price target on Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Loop Capital set a $40.00 price objective on Core Scientific in a research report on Friday, June 12th. Finally, BTIG Research raised their price objective on Core Scientific from $33.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.39.

Core Scientific Price Performance

Shares of Core Scientific stock opened at $22.75 on Monday. The business has a fifty day simple moving average of $25.42 and a 200-day simple moving average of $20.71. Core Scientific has a fifty-two week low of $12.60 and a fifty-two week high of $30.46. The firm has a market cap of $7.23 billion, a price-to-earnings ratio of -19.96 and a beta of 5.50.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The company had revenue of $115.24 million during the quarter, compared to analysts’ expectations of $117.04 million. During the same quarter in the prior year, the firm posted $1.25 earnings per share. The firm’s revenue for the quarter was up 44.9% compared to the same quarter last year. Analysts anticipate that Core Scientific will post 0.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction that occurred on 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 owned 2,023,426 shares in the company, valued at $45,790,130.38. The trade was a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 70,000 shares of company stock valued at $1,802,400 over the last quarter. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Core Scientific

Large investors have recently added to or reduced their stakes in the company. Situational Awareness LP grew its stake in Core Scientific by 42.5% during the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after acquiring an additional 8,575,944 shares in the last quarter. Value Aligned Research Advisors LLC purchased a new stake in shares of Core Scientific in the fourth quarter worth approximately $117,786,000. Vanguard Group Inc. lifted its position in shares of Core Scientific by 18.7% in the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after purchasing an additional 5,359,710 shares in the last quarter. Fifth Third Bancorp acquired a new stake in shares of Core Scientific during the first quarter worth approximately $59,802,000. Finally, Bank of America Corp DE boosted its holdings in shares of Core Scientific by 412.5% during the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock worth $71,903,000 after purchasing an additional 3,868,535 shares during the period.

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.