Freedom Capital Upgrades Core Scientific (NASDAQ:CORZ) to Hold

Core Scientific (NASDAQ:CORZ) was upgraded by stock analysts at Freedom Capital to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other analysts have also recently commented on CORZ. HC Wainwright restated a “buy” rating and issued a $25.00 price objective on shares of Core Scientific in a research report on Tuesday, March 3rd. Canaccord Genuity Group set a $30.00 price objective on shares of Core Scientific in a research report on Friday, May 8th. Lucid Cap Mkts raised shares of Core Scientific to a “strong-buy” rating in a research report on Friday, June 12th. Needham & Company LLC increased their price objective on shares of Core Scientific from $23.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, B. Riley Financial increased their price objective 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. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $29.49.

Core Scientific Stock Down 0.5%

CORZ opened at $28.08 on Monday. Core Scientific has a 12 month low of $10.93 and a 12 month high of $30.46. The company has a fifty day simple moving average of $23.25 and a 200 day simple 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 released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The company had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. During the same period in the prior year, the company posted $1.25 EPS. The firm’s quarterly revenue was up 44.9% compared to the same quarter last year. On average, equities research analysts expect that Core Scientific will post 0.08 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction on Monday, June 8th. The shares were 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 of the company’s stock, valued at $55,549,830.75. This represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 70,000 shares of company stock worth $1,464,400 over the last ninety days. 1.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Large investors have recently made changes to their positions in the stock. Allworth Financial LP grew its position in Core Scientific by 206.5% in the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after purchasing an additional 950 shares in the last quarter. Larson Financial Group LLC grew its position in Core Scientific by 936.7% in the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock valued at $27,000 after purchasing an additional 1,686 shares in the last quarter. Osaic Holdings Inc. grew its position in Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after purchasing an additional 1,066 shares in the last quarter. Danske Bank A S bought a new position in Core Scientific in the fourth quarter valued at $36,000. Finally, PNC Financial Services Group Inc. grew its position in Core Scientific by 41.3% in the first quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock valued at $66,000 after purchasing an additional 1,285 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.