Core Scientific (NASDAQ:CORZ) Price Target Cut to $17.00 by Analysts at Needham & Company LLC

Core Scientific (NASDAQ:CORZ) had its price target trimmed by Needham & Company LLC from $18.00 to $17.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts also recently issued reports on CORZ. B. Riley upped their price target on Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. HC Wainwright raised their price target on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. BTIG Research boosted their price target on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Macquarie lifted their target price on shares of Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Finally, Roth Capital upgraded Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Core Scientific currently has a consensus rating of “Buy” and an average price target of $19.07.

Core Scientific Trading Up 6.9 %

Shares of CORZ stock opened at $10.71 on Thursday. The firm has a fifty day simple moving average of $13.34 and a two-hundred day simple moving average of $13.28. Core Scientific has a 12 month low of $2.61 and a 12 month high of $18.63. The firm has a market capitalization of $2.99 billion and a PE ratio of -1.98.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. On average, equities analysts predict that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 369,712 shares of Core Scientific stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $6,004,122.88. Following the completion of the transaction, the chief executive officer now directly owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. The trade was a 8.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 25,277 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $410,498.48. Following the sale, the insider now owns 2,023,423 shares in the company, valued at approximately $32,860,389.52. The trade was a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 614,032 shares of company stock worth $9,534,916 over the last quarter. Corporate insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Several hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its position in shares of Core Scientific by 25.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company’s stock valued at $1,378,000 after purchasing an additional 20,000 shares in the last quarter. Highland Peak Capital LLC grew its position in Core Scientific by 37.9% during the third quarter. Highland Peak Capital LLC now owns 413,584 shares of the company’s stock worth $4,905,000 after buying an additional 113,584 shares in the last quarter. Mirabella Financial Services LLP bought a new position in Core Scientific in the 3rd quarter worth about $18,383,000. Van ECK Associates Corp raised its holdings in shares of Core Scientific by 22.9% in the 3rd quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock valued at $19,177,000 after acquiring an additional 300,942 shares in the last quarter. Finally, Capstone Investment Advisors LLC boosted its position in shares of Core Scientific by 113.4% during the 3rd quarter. Capstone Investment Advisors LLC now owns 55,000 shares of the company’s stock valued at $652,000 after acquiring an additional 29,230 shares during 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.