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

Core Scientific (NASDAQ:CORZ) was upgraded by equities researchers at Freedom Capital to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. LADENBURG THALM/SH SH cut their price target on shares of Core Scientific from $24.50 to $23.75 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Needham & Company LLC increased their price target on shares of Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Jefferies Financial Group increased their price target on shares of 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 target on shares of Core Scientific in a research note on Wednesday, June 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research note on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Core Scientific presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.49.

Core Scientific Trading Down 0.5%

Core Scientific stock opened at $28.08 on Monday. The company has a market cap of $8.93 billion, a P/E ratio of -24.63 and a beta of 5.49. Core Scientific has a 1-year low of $10.93 and a 1-year 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.

Core Scientific (NASDAQ:CORZ) last released its earnings results 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 company had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. The company’s quarterly revenue was up 44.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.25 earnings per share. On average, equities research analysts forecast that Core Scientific will post 0.08 EPS for the current year.

Insider Buying and Selling

In other news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $55,549,830.75. This trade represents a 0.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold a total of 70,000 shares of company stock valued at $1,464,400 in the last ninety days. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Core Scientific

A number of hedge funds have recently modified their holdings of CORZ. Jericho Capital Asset Management L.P. acquired a new stake in shares of Core Scientific during the 3rd quarter worth about $209,895,000. Situational Awareness LP lifted its stake in shares of Core Scientific by 42.5% during the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after buying an additional 8,575,944 shares during the last quarter. Value Aligned Research Advisors LLC acquired a new stake in shares of Core Scientific during the 4th quarter worth about $117,786,000. Oaktree Capital Management LP acquired a new stake in shares of Core Scientific during the 3rd quarter worth about $114,829,000. Finally, Vanguard Group Inc. lifted its stake in shares of Core Scientific by 18.7% during the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after buying an additional 5,359,710 shares during the last quarter.

About Core Scientific

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.