Needham & Company LLC Forecasts Strong Price Appreciation for Core Scientific (NASDAQ:CORZ) Stock

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

Several other analysts also recently commented on CORZ. HC Wainwright raised their price objective on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday. Jefferies Financial Group assumed coverage on Core Scientific in a research report on Monday, October 28th. They issued a “buy” rating and a $19.00 price objective on the stock. Canaccord Genuity Group began coverage on Core Scientific in a research note on Monday, September 23rd. They set a “buy” rating and a $16.00 target price on the stock. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $17.00 target price on shares of Core Scientific in a research note on Tuesday, September 10th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $20.00 price target on shares of Core Scientific in a research note on Thursday, October 3rd. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $17.21.

Core Scientific Price Performance

Shares of NASDAQ:CORZ traded up $0.50 during trading on Thursday, hitting $16.96. The company’s stock had a trading volume of 12,164,781 shares, compared to its average volume of 8,864,858. The company has a 50-day moving average of $12.21 and a 200-day moving average of $9.30. Core Scientific has a 12 month low of $2.61 and a 12 month high of $17.00.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The firm had revenue of $141.10 million for the quarter, compared to analysts’ expectations of $128.58 million. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. Equities research analysts expect that Core Scientific will post 0.81 EPS for the current year.

Insider Buying and Selling at Core Scientific

In related news, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the completion of the sale, the insider now owns 1,686,474 shares of the company’s stock, valued at $15,869,720.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Core Scientific news, insider Todd M. Duchene sold 11,582 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the sale, the insider now directly owns 1,686,474 shares of the company’s stock, valued at approximately $15,869,720.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $1,150,061.97. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 12,761 shares of company stock worth $127,080.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently modified their holdings of the company. P Schoenfeld Asset Management LP acquired a new position in Core Scientific in the second quarter valued at approximately $4,185,000. Vanguard Group Inc. acquired a new stake in Core Scientific during the 1st quarter worth $21,973,000. Blair William & Co. IL acquired a new position in Core Scientific in the first quarter valued at $1,156,000. DeepCurrents Investment Group LLC increased its position in shares of Core Scientific by 157.7% during the second quarter. DeepCurrents Investment Group LLC now owns 255,162 shares of the company’s stock worth $2,373,000 after purchasing an additional 156,162 shares in the last quarter. Finally, Central Asset Investments & Management Holdings HK Ltd purchased a new stake in shares of Core Scientific in the 2nd quarter valued at about $1,218,000.

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.