Core Scientific’s (CORZ) Market Perform Rating Reaffirmed at JMP Securities

Core Scientific (NASDAQ:CORZ)‘s stock had its “market perform” rating restated by JMP Securities in a note issued to investors on Tuesday,Benzinga reports.

A number of other equities research analysts have also recently issued reports on the company. Roth Capital restated a “neutral” rating and issued a $20.00 price objective on shares of Core Scientific in a research note on Tuesday, July 8th. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Friday, June 27th. Barclays cut Core Scientific to an “underweight” rating in a research note on Tuesday, July 8th. Arete started coverage on Core Scientific in a research note on Tuesday, July 22nd. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, Craig Hallum lowered Core Scientific from a “strong-buy” rating to a “hold” rating in a report on Monday, July 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $18.32.

Core Scientific Price Performance

NASDAQ CORZ opened at $13.85 on Tuesday. Core Scientific has a one year low of $6.20 and a one year high of $18.63. The business’s fifty day moving average is $13.73 and its 200-day moving average is $10.98. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of -24.73 and a beta of 6.60.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The firm had revenue of $78.63 million during the quarter, compared to the consensus estimate of $82.09 million. The business’s quarterly revenue was down 44.3% on a year-over-year basis. Research analysts expect that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total value of $679,800.00. Following the completion of the sale, the insider owned 2,100,102 shares of the company’s stock, valued at $23,794,155.66. This represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Yadin Rozov bought 110,000 shares of the business’s stock in a transaction on Wednesday, May 28th. The stock was purchased at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the purchase, the director owned 475,687 shares of the company’s stock, valued at $5,170,717.69. This represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 117,759 shares of company stock valued at $1,391,434 in the last three months. 1.40% of the stock is owned by insiders.

Institutional Trading of Core Scientific

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Ardmore Road Asset Management LP purchased a new stake in Core Scientific in the second quarter worth approximately $17,070,000. Helix Partners Management LP boosted its stake in Core Scientific by 0.5% in the second quarter. Helix Partners Management LP now owns 6,029,222 shares of the company’s stock worth $102,919,000 after buying an additional 29,222 shares in the last quarter. Sassicaia Capital Advisers LLC purchased a new stake in Core Scientific in the second quarter worth approximately $179,000. Diametric Capital LP boosted its stake in Core Scientific by 19.9% in the second quarter. Diametric Capital LP now owns 15,300 shares of the company’s stock worth $261,000 after buying an additional 2,538 shares in the last quarter. Finally, Cresset Asset Management LLC boosted its stake in Core Scientific by 316.5% in the second quarter. Cresset Asset Management LLC now owns 626,257 shares of the company’s stock worth $10,690,000 after buying an additional 475,879 shares in the last quarter.

Core Scientific Company Profile

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.