Core Scientific (NASDAQ:CORZ) Price Target Raised to $18.00

Core Scientific (NASDAQ:CORZ) had its price target hoisted by Needham & Company LLC from $16.00 to $18.00 in a research report released on Tuesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other research firms have also recently commented on CORZ. Compass Point dropped their target price on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. JMP Securities assumed coverage on shares of Core Scientific in a research report on Thursday, May 22nd. They set a “market outperform” rating and a $15.00 price objective for the company. Oppenheimer assumed coverage on Core Scientific in a research note on Wednesday, May 14th. They set an “outperform” rating and a $15.00 price objective on the stock. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Friday, May 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research note on Tuesday, March 11th. Eighteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $18.44.

Core Scientific Trading Down 0.9%

Shares of NASDAQ CORZ opened at $12.14 on Tuesday. Core Scientific has a 1-year low of $6.20 and a 1-year high of $18.63. The company has a 50-day moving average of $9.27 and a two-hundred day moving average of $11.45. The company has a market cap of $3.62 billion, a PE ratio of -2.24 and a beta of 6.30.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. The business’s quarterly revenue was down 55.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.78 EPS. As a group, equities research analysts forecast that Core Scientific will post 0.52 earnings per share for the current year.

Insider Buying and Selling at Core Scientific

In other news, Director Yadin Rozov acquired 110,000 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were bought at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the acquisition, the director now owns 475,687 shares in the company, valued at approximately $5,170,717.69. This represents a 30.08% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Todd M. Duchene sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total value of $679,800.00. Following the transaction, the insider now owns 2,100,102 shares in the company, valued at approximately $23,794,155.66. This represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Hedge funds have recently made changes to their positions in the business. FMR LLC increased its holdings in Core Scientific by 2,937.7% in the fourth quarter. FMR LLC now owns 7,436,229 shares of the company’s stock valued at $104,479,000 after buying an additional 7,191,428 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Core Scientific by 54.3% in the 4th 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 in the last quarter. Helix Partners Management LP acquired a new stake in shares of Core Scientific in the 4th quarter valued at about $86,498,000. Driehaus Capital Management LLC grew its position in shares of 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. Finally, Situational Awareness LP bought a new position in Core Scientific in the 1st quarter worth about $32,736,000.

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.