Cantor Fitzgerald Cuts Core Scientific (NASDAQ:CORZ) Price Target to $21.00

Core Scientific (NASDAQ:CORZ) had its target price lowered by equities research analysts at Cantor Fitzgerald from $24.00 to $21.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 88.17% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Macquarie lifted their target price on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Compass Point dropped their price objective on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday. B. Riley increased their target price on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Roth Capital upgraded shares of Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Finally, BTIG Research upped their price objective on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $19.07.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $11.16 on Thursday. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.63. The company has a 50 day moving average price of $13.26 and a 200 day moving average price of $13.26. The stock has a market capitalization of $3.12 billion and a P/E ratio of -2.06.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, topping 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. Research analysts forecast that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Todd M. Duchene sold 129,861 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the completion of the transaction, the insider now directly owns 2,051,649 shares of the company’s stock, valued at $29,215,481.76. This represents a 5.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the sale, the chief executive officer now directly owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. The trade was 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. 32.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Core Scientific

Several large investors have recently bought and sold shares of the stock. FMR LLC lifted its holdings in shares of Core Scientific by 2,937.7% in 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 last quarter. Vanguard Group Inc. increased its position in Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock worth $272,270,000 after buying an additional 6,819,406 shares during the period. Helix Partners Management LP acquired a new position in Core Scientific during the fourth quarter worth approximately $86,498,000. Driehaus Capital Management LLC lifted its stake in Core Scientific by 112.1% in the fourth 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. Finally, Fred Alger Management LLC acquired a new stake in shares of Core Scientific in the fourth quarter valued at approximately $62,011,000.

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.