Core Scientific (NASDAQ:CORZ) Coverage Initiated by Analysts at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Core Scientific (NASDAQ:CORZ) in a research report released on Wednesday morning, MarketBeat.com reports. The firm issued a buy rating and a $16.00 target price on the stock.

Several other brokerages have also recently issued reports on CORZ. BTIG Research upped their price objective on Core Scientific from $10.00 to $15.00 and gave the stock a buy rating in a report on Wednesday, June 26th. Cantor Fitzgerald reaffirmed an overweight rating and set a $20.00 price target on shares of Core Scientific in a research note on Tuesday, September 3rd. LADENBURG THALM/SH SH reissued a buy rating and issued a $14.50 price objective on shares of Core Scientific in a research note on Tuesday, July 2nd. Sanford C. Bernstein initiated coverage on shares of Core Scientific in a research report on Wednesday, July 10th. They set an outperform rating and a $17.00 target price on the stock. Finally, B. Riley raised shares of Core Scientific from a neutral rating to a buy rating and increased their price target for the company from $0.50 to $13.00 in a report on Wednesday, July 17th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Core Scientific has an average rating of Buy and a consensus target price of $14.88.

Core Scientific Stock Down 9.0 %

CORZ opened at $9.32 on Wednesday. The company has a fifty day moving average of $9.99 and a 200 day moving average of $6.51. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $12.25.

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 firm 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. Sell-side analysts predict that Core Scientific will post 0.01 earnings per share for the current year.

Insider Transactions at Core Scientific

In other news, Director Jarrod M. Patten purchased 5,021 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the acquisition, the director now owns 285,760 shares of the company’s stock, valued at approximately $2,766,156.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Core Scientific news, Director Jarrod M. Patten acquired 5,021 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $9.68 per share, for a total transaction of $48,603.28. Following the acquisition, the director now directly owns 285,760 shares in the company, valued at $2,766,156.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the completion of the transaction, the chief financial officer now directly owns 122,217 shares in the company, valued at approximately $1,150,061.97. The disclosure for this sale can be found here. In the last quarter, insiders bought 10,521 shares of company stock worth $102,328 and sold 31,425 shares worth $297,749. Company insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CORZ. Vanguard Group Inc. bought a new position in Core Scientific in the 1st quarter worth about $21,973,000. Hexagon Capital Partners LLC bought a new position in Core Scientific during the 1st quarter worth about $34,000. Blair William & Co. IL bought a new position in Core Scientific during the 1st quarter worth about $1,156,000. Vident Advisory LLC purchased a new position in Core Scientific during the 1st quarter valued at about $4,047,000. Finally, Fiduciary Alliance LLC bought a new position in shares of Core Scientific during the first quarter valued at approximately $84,000.

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.