Core Scientific (NASDAQ:CORZ) Hits New 52-Week Low on Analyst Downgrade

Core Scientific, Inc. (NASDAQ:CORZ – Get Rating) hit a new 52-week low on Thursday after B. Riley lowered their price target on the stock from $10.00 to $7.00. B. Riley currently has a buy rating on the stock. Core Scientific traded as low as 1.91 and last traded at 1.96, with a volume of 202675 shares changing hands. The stock had previously closed at 2.13.

A number of other equities analysts also recently weighed in on the stock. Chardan Capital assumed coverage on shares of Core Scientific in a research note on Friday, June 3rd. They set a “buy” rating and a $8.00 target price for the company. LADENBURG THALM/SH SH reduced their price target on shares of Core Scientific from $18.75 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 31st. Finally, BTIG Research reduced their price target on shares of Core Scientific from $18.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, June 3rd.

In related news, insider Darin Feinstein sold 1,124,147 shares of the firm’s stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of 3.65, for a total transaction of 4,103,136.55. Following the completion of the sale, the insider now owns 34,909,445 shares of the company’s stock, valued at 127,419,474.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 2,074,147 shares of company stock valued at $7,303,137 in the last three months. 32.00% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in Core Scientific in the 1st quarter worth approximately $26,186,000. Vanguard Group Inc. bought a new stake in Core Scientific in the 1st quarter worth approximately $25,373,000. Toroso Investments LLC bought a new stake in Core Scientific in the 1st quarter worth approximately $11,541,000. Invesco Ltd. bought a new stake in Core Scientific in the 1st quarter worth approximately $10,700,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in Core Scientific in the 1st quarter worth approximately $9,456,000.

The firm has a 50 day simple moving average of 4.26. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.98.

Core Scientific (NASDAQ:CORZ – Get Rating) last issued its quarterly earnings results on Thursday, May 12th. The company reported 0.31 earnings per share for the quarter, topping the consensus estimate of 0.13 by 0.18. The business had revenue of 192.52 million for the quarter, compared to analysts’ expectations of 164.20 million. Analysts expect that Core Scientific, Inc. will post 0.81 earnings per share for the current year.

About Core Scientific (NASDAQ:CORZ)

Core Scientific, Inc provides net carbon-neutral blockchain infrastructure and digital asset mining solutions in North America. It operates in two segments, Equipment Sales and Hosting. It offers blockchain hosting services with deployment and provide power, racks, proprietary thermodynamic management, redundant connectivity, and 24/7 security, as well as its proprietary software platforms, such as Minder and MinderOS, which provides infrastructure management and custom firmware; and digital asset mining operation focuses on the generation of digital assets by solving complex cryptographic algorithms to validate transactions on specific digital asset network blockchains.

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