Core Scientific (NASDAQ:CORZ) Given New $17.00 Price Target at Needham & Company LLC

Core Scientific (NASDAQ:CORZ) had its price objective lowered by Needham & Company LLC from $18.00 to $17.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

CORZ has been the subject of several other reports. HC Wainwright upped their price target on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Roth Mkm started coverage on Core Scientific in a report on Friday, November 15th. They set a “buy” rating and a $25.50 target price for the company. BTIG Research raised their price target on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Thursday, November 7th. Finally, Roth Capital upgraded shares of Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. Fifteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Trading Up 6.9 %

CORZ opened at $10.71 on Thursday. The stock has a market capitalization of $2.99 billion and a P/E ratio of -1.98. The stock has a 50-day moving average price of $13.34 and a 200-day moving average price of $13.28. 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 earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.09. The firm had revenue of $94.93 million during the quarter, compared to analysts’ expectations of $97.07 million. On average, equities research analysts predict that Core Scientific will post 0.52 EPS for the current year.

Insider Activity

In related news, insider Todd M. Duchene sold 25,277 shares of Core Scientific stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $410,498.48. Following the completion of the sale, the insider now directly owns 2,023,423 shares in the company, valued at approximately $32,860,389.52. This trade represents a 1.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Taylor Sullivan sold 88,380 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 $1,258,531.20. Following the transaction, the chief executive officer now owns 4,128,505 shares in the company, valued at $58,789,911.20. This represents a 2.10 % 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. Corporate insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CORZ. Creative Planning boosted its holdings in Core Scientific by 88.0% in the third quarter. Creative Planning now owns 32,925 shares of the company’s stock worth $389,000 after purchasing an additional 15,413 shares during the last quarter. Arkadios Wealth Advisors bought a new position in shares of Core Scientific during the 3rd quarter valued at $119,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Core Scientific by 96.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 78,077 shares of the company’s stock worth $926,000 after buying an additional 38,292 shares during the last quarter. Van ECK Associates Corp increased its position in Core Scientific by 22.9% during the third quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock valued at $19,177,000 after acquiring an additional 300,942 shares during the last quarter. Finally, Harvest Portfolios Group Inc. lifted its holdings in Core Scientific by 10.1% in the third quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company’s stock valued at $663,000 after acquiring an additional 5,109 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.