Cantor Fitzgerald Issues Pessimistic Forecast for Core Scientific (NASDAQ:CORZ) Stock Price

Core Scientific (NASDAQ:CORZ) had its price target decreased by equities researchers at Cantor Fitzgerald from $24.00 to $21.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 88.17% from the company’s previous close.

A number of other analysts also recently issued reports on CORZ. Craig Hallum started coverage on shares of Core Scientific in a report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target on the stock. Compass Point lowered their target price on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday. Roth Mkm assumed coverage on Core Scientific in a research note on Friday, November 15th. They issued a “buy” rating and a $25.50 price target for the company. Macquarie increased their price target on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Finally, Needham & Company LLC dropped their price objective on Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $19.07.

Core Scientific Stock Performance

NASDAQ CORZ opened at $11.16 on Thursday. The firm has a market capitalization of $3.12 billion and a P/E ratio of -2.06. The stock has a 50-day simple moving average of $13.26 and a two-hundred day simple moving average of $13.26. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.63.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.09. The company had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. As a group, analysts forecast that Core Scientific will post 0.52 earnings per share for the current year.

Insiders Place Their Bets

In other Core Scientific news, CEO Adam Taylor Sullivan sold 88,380 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,258,531.20. Following the transaction, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. This trade represents a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Todd M. Duchene sold 129,861 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,849,220.64. Following the completion of the sale, the insider now owns 2,051,649 shares of the company’s stock, valued at $29,215,481.76. This trade represents a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 614,032 shares of company stock valued at $9,534,916 in the last 90 days. 32.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Xponance Inc. raised its stake in Core Scientific by 7.9% during the fourth quarter. Xponance Inc. now owns 12,800 shares of the company’s stock worth $180,000 after purchasing an additional 937 shares during the period. Summit Investment Advisors Inc. increased its holdings in shares of Core Scientific by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company’s stock worth $262,000 after buying an additional 1,185 shares during the last quarter. Wellington Shields & Co. LLC purchased a new stake in shares of Core Scientific during the 4th quarter valued at approximately $26,000. First Horizon Advisors Inc. acquired a new position in Core Scientific in the fourth quarter valued at approximately $34,000. Finally, Joel Isaacson & Co. LLC grew its position in Core Scientific by 4.5% in the fourth quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company’s stock worth $815,000 after acquiring an additional 2,500 shares during the period.

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.