Core Scientific (NASDAQ:CORZ) Given New $18.00 Price Target at Needham & Company LLC

Core Scientific (NASDAQ:CORZ) had its price objective hoisted by analysts at Needham & Company LLC from $17.00 to $18.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 25.61% from the company’s current price.

Other analysts have also recently issued reports about the stock. Canaccord Genuity Group began coverage on shares of Core Scientific in a report on Monday, September 23rd. They issued a “buy” rating and a $16.00 price target on the stock. Macquarie initiated coverage on shares of Core Scientific in a research report on Wednesday, September 25th. They set an “outperform” rating and a $16.00 price target on the stock. B. Riley lifted their price target on Core Scientific from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, October 11th. Sanford C. Bernstein restated an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, September 10th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 target price on shares of Core Scientific in a research report on Thursday, October 3rd. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $16.96.

Core Scientific Stock Performance

Shares of Core Scientific stock opened at $14.33 on Thursday. Core Scientific has a 1-year low of $2.61 and a 1-year high of $14.64. The business has a 50-day moving average of $12.08 and a 200-day moving average of $9.25.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The business had revenue of $141.10 million during the quarter, compared to analysts’ expectations of $128.58 million. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, analysts predict that Core Scientific will post 0.81 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other news, Director Jarrod M. Patten purchased 5,021 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average price of $9.68 per share, for a total transaction of $48,603.28. Following the completion of the transaction, the director now owns 285,760 shares of the company’s stock, valued at approximately $2,766,156.80. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Jarrod M. Patten bought 5,021 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of $9.68 per share, for a total transaction of $48,603.28. Following the transaction, the director now owns 285,760 shares in the company, valued at approximately $2,766,156.80. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jarrod M. Patten purchased 4,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were acquired at an average cost of $9.70 per share, for a total transaction of $38,800.00. Following the acquisition, the director now owns 279,239 shares of the company’s stock, valued at approximately $2,708,618.30. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 12,761 shares of company stock worth $127,080. 32.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Banque Cantonale Vaudoise bought a new stake in shares of Core Scientific during the second quarter valued at about $28,000. Sunbelt Securities Inc. bought a new stake in shares of Core Scientific during the 2nd quarter worth about $33,000. Rise Advisors LLC acquired a new stake in shares of Core Scientific in the 2nd quarter worth approximately $65,000. Aspect Partners LLC bought a new position in shares of Core Scientific in the first quarter valued at approximately $29,000. Finally, Divisadero Street Capital Management LP acquired a new position in shares of Core Scientific during the second quarter valued at approximately $93,000.

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.