JMP Securities Reiterates “Market Perform” Rating for Core Scientific (NASDAQ:CORZ)

JMP Securities restated their market perform rating on shares of Core Scientific (NASDAQ:CORZ) in a report issued on Tuesday morning,Benzinga reports.

CORZ has been the topic of several other reports. Roth Capital restated a “neutral” rating and set a $20.00 target price on shares of Core Scientific in a research report on Tuesday, July 8th. Barclays cut shares of Core Scientific to an “underweight” rating in a research report on Tuesday, July 8th. Citizens Jmp cut shares of Core Scientific from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 14th. Citigroup cut shares of Core Scientific from an “outperform” rating to a “market perform” rating in a research report on Monday, July 14th. Finally, Roth Mkm restated a “buy” rating and set a $20.00 target price on shares of Core Scientific in a research report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $18.32.

Core Scientific Stock Down 0.1%

Shares of CORZ stock opened at $13.84 on Tuesday. The stock has a market cap of $4.23 billion, a P/E ratio of -24.71 and a beta of 6.60. Core Scientific has a 52 week low of $6.20 and a 52 week high of $18.63. The company’s fifty day simple moving average is $13.77 and its two-hundred day simple moving average is $10.99.

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

Insider Transactions at Core Scientific

In other Core Scientific news, Director Yadin Rozov acquired 110,000 shares of the company’s stock in a transaction dated Wednesday, May 28th. The shares were purchased at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the purchase, the director owned 475,687 shares in the company, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Todd M. Duchene sold 60,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $11.33, for a total transaction of $679,800.00. Following the transaction, the insider owned 2,100,102 shares in the company, valued at approximately $23,794,155.66. This represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 117,759 shares of company stock worth $1,391,434 over the last 90 days. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently modified their holdings of CORZ. Alliancebernstein L.P. boosted its stake in shares of Core Scientific by 8.7% during the fourth quarter. Alliancebernstein L.P. now owns 202,859 shares of the company’s stock valued at $2,850,000 after purchasing an additional 16,239 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Core Scientific by 41.7% during the fourth quarter. Wells Fargo & Company MN now owns 100,848 shares of the company’s stock valued at $1,417,000 after purchasing an additional 29,669 shares in the last quarter. Envestnet Asset Management Inc. bought a new position in shares of Core Scientific during the fourth quarter valued at approximately $1,707,000. Russell Investments Group Ltd. boosted its stake in shares of Core Scientific by 8,857.6% during the fourth quarter. Russell Investments Group Ltd. now owns 167,507 shares of the company’s stock valued at $2,353,000 after purchasing an additional 165,637 shares in the last quarter. Finally, FMR LLC boosted its stake in shares of Core Scientific by 2,937.7% during the fourth quarter. FMR LLC now owns 7,436,229 shares of the company’s stock valued at $104,479,000 after purchasing an additional 7,191,428 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.