Needham & Company LLC Cuts Core Scientific (NASDAQ:CORZ) Price Target to $17.00

Core Scientific (NASDAQ:CORZ) had its price target cut by Needham & Company LLC from $18.00 to $17.00 in a report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also recently commented on the stock. BTIG Research boosted their price objective on shares of Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Thursday, November 7th. Macquarie lifted their target price on shares of Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Keefe, Bruyette & Woods began coverage on shares of Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 target price for the company. Finally, Craig Hallum began coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They set a “buy” rating and a $24.00 target price for the company. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $19.07.

Core Scientific Trading Up 4.2 %

Shares of NASDAQ:CORZ opened at $11.16 on Thursday. The company has a 50 day moving average of $13.20 and a 200 day moving average of $13.27. The stock has a market cap of $3.12 billion and a P/E ratio of -2.06. Core Scientific has a 12 month low of $2.61 and a 12 month high of $18.63.

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

Insider Transactions at Core Scientific

In related news, CEO Adam Taylor Sullivan sold 369,712 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the completion of the sale, the chief executive officer now directly owns 3,758,793 shares in the company, valued at $61,042,798.32. This represents a 8.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Todd M. Duchene sold 25,277 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $410,498.48. Following the sale, the insider now owns 2,023,423 shares of the company’s stock, valued at $32,860,389.52. This represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 614,032 shares of company stock worth $9,534,916. 32.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Core Scientific by 54.3% during the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after buying an additional 6,819,406 shares during the last quarter. Beryl Capital Management LLC raised its holdings in Core Scientific by 24.3% during the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock valued at $255,423,000 after buying an additional 3,548,396 shares during the last quarter. Driehaus Capital Management LLC raised its holdings in Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after buying an additional 5,424,901 shares during the last quarter. ORG Wealth Partners LLC raised its holdings in Core Scientific by 0.3% during the 4th quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock valued at $126,262,000 after buying an additional 26,649 shares during the last quarter. Finally, FMR LLC increased its position in Core Scientific by 2,937.7% during the 4th 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 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.