Needham & Company LLC Issues Pessimistic Forecast for Core Scientific (NASDAQ:CORZ) Stock Price

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

A number of other research firms also recently weighed in on CORZ. Roth Mkm began coverage on shares of Core Scientific in a research report on Friday, November 15th. They issued a “buy” rating and a $25.50 target price on the stock. BTIG Research upped their target price on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Macquarie upped 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. Compass Point reduced 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 report on Tuesday, February 25th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research note on Thursday, November 7th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Core Scientific presently has an average rating of “Buy” and a consensus price target of $19.07.

Core Scientific Trading Up 4.2 %

Shares of Core Scientific stock opened at $11.16 on Thursday. The company’s fifty day simple moving average is $13.20 and its two-hundred day simple moving average is $13.27. The company 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 released 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 analysts’ expectations of $97.07 million. Analysts predict that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 129,861 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the transaction, the insider now owns 2,051,649 shares in the company, valued at approximately $29,215,481.76. This represents a 5.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 3,758,793 shares in the company, valued at $61,042,798.32. This represents a 8.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 614,032 shares of company stock worth $9,534,916. Company insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently bought and sold shares of CORZ. Xponance Inc. lifted its stake in shares of Core Scientific by 7.9% in the 4th 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. lifted its stake in shares of Core Scientific by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company’s stock worth $262,000 after purchasing an additional 1,185 shares during the period. Wellington Shields & Co. LLC bought a new position in shares of Core Scientific in the 4th quarter worth approximately $26,000. First Horizon Advisors Inc. bought a new position in shares of Core Scientific in the 4th quarter worth approximately $34,000. Finally, Joel Isaacson & Co. LLC lifted its stake in shares of Core Scientific by 4.5% in the 4th quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company’s stock worth $815,000 after purchasing an additional 2,500 shares during the period.

About Core Scientific

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.