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

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

Other analysts have also issued reports about the company. Loop Capital set a $40.00 price target on Core Scientific in a report on Friday. Canaccord Genuity Group set a $30.00 target price on Core Scientific in a research report on Friday, May 8th. BTIG Research lifted their target price on Core Scientific from $23.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Wall Street Zen raised Core Scientific to a “sell” rating in a research report on Saturday, March 14th. Finally, LADENBURG THALM/SH SH lowered their target price on Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Core Scientific currently has a consensus rating of “Moderate Buy” and an average price target of $29.49.

Core Scientific Price Performance

Shares of Core Scientific stock opened at $28.08 on Monday. The firm has a market cap of $8.93 billion, a price-to-earnings ratio of -24.63 and a beta of 5.49. The stock’s 50-day moving average is $23.25 and its 200-day moving average is $19.02. Core Scientific has a one year low of $10.93 and a one year high of $30.46.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The firm had revenue of $115.24 million during the quarter, compared to the consensus estimate of $117.04 million. Core Scientific’s quarterly revenue was up 44.9% on a year-over-year basis. During the same quarter last year, the business posted $1.25 EPS. On average, equities analysts expect that Core Scientific will post 0.08 EPS for the current year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $26.85, for a total transaction of $268,500.00. Following the transaction, the insider owned 2,068,895 shares of the company’s stock, valued at $55,549,830.75. The trade was a 0.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 70,000 shares of company stock worth $1,464,400 over the last 90 days. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors have recently bought and sold shares of CORZ. Jericho Capital Asset Management L.P. acquired a new position in Core Scientific during the third quarter worth approximately $209,895,000. Situational Awareness LP increased its position in Core Scientific by 42.5% during the fourth 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 position in shares of Core Scientific in the fourth quarter valued at approximately $117,786,000. Oaktree Capital Management LP acquired a new position in shares of Core Scientific in the third quarter valued at approximately $114,829,000. Finally, Vanguard Group Inc. grew 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 valued at $494,462,000 after purchasing an additional 5,359,710 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.