Wall Street Zen Upgrades Core Scientific (NASDAQ:CORZ) to Sell

Core Scientific (NASDAQ:CORZ) was upgraded by analysts at Wall Street Zen to a “sell” rating in a research report issued to clients and investors on Saturday.

Several other research firms have also recently weighed in on CORZ. Needham & Company LLC upgraded shares of Core Scientific from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Tuesday, March 3rd. Citizens Jmp upgraded Core Scientific from a “market perform” rating to an “outperform” rating and set a $30.00 price target on the stock in a research note on Thursday, December 18th. Cantor Fitzgerald cut their price target on Core Scientific from $26.00 to $25.00 and set an “overweight” rating for the company in a report on Tuesday, March 3rd. LADENBURG THALM/SH SH reduced their price objective on Core Scientific from $24.50 to $23.75 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Finally, Zacks Research raised Core Scientific from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.84.

Core Scientific Price Performance

NASDAQ:CORZ opened at $16.49 on Friday. The stock has a market cap of $5.20 billion, a P/E ratio of 14.09 and a beta of 6.86. Core Scientific has a one year low of $6.20 and a one year high of $23.63. The company has a fifty day moving average price of $17.38 and a 200 day moving average price of $17.07.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Monday, March 2nd. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. The company had revenue of $79.76 million during the quarter, compared to the consensus estimate of $118.45 million. During the same period last year, the company earned ($0.69) earnings per share. Core Scientific’s revenue for the quarter was down 16.0% on a year-over-year basis. As a group, equities research analysts anticipate that Core Scientific will post 0.52 EPS for the current year.

Institutional Trading of Core Scientific

Large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its stake in shares of Core Scientific by 106.1% in the first quarter. AQR Capital Management LLC now owns 283,432 shares of the company’s stock valued at $2,052,000 after acquiring an additional 145,905 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Core Scientific by 180.9% during the 1st 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 acquiring an additional 714,388 shares during the last quarter. Savant Capital LLC acquired a new stake in Core Scientific during the 2nd quarter valued at $238,000. Prospera Financial Services Inc acquired a new stake in Core Scientific during the 2nd quarter valued at $252,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Core Scientific by 16.8% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,318 shares of the company’s stock valued at $347,000 after purchasing an additional 2,925 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.