Core Scientific (NASDAQ:CORZ) Receives Buy Rating from Needham & Company LLC

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research report issued on Friday,Benzinga reports. They currently have a $18.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential upside of 19.09% from the company’s previous close.

Several other equities research analysts have also recently weighed in on CORZ. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. HC Wainwright increased their target price on shares of Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. B. Riley boosted their price target on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. BTIG Research upped their price target on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Finally, Macquarie lifted their price objective on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Thirteen 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 stock has a consensus rating of “Buy” and an average price target of $18.46.

Core Scientific Trading Up 3.3 %

Shares of NASDAQ:CORZ traded up $0.49 during trading on Friday, reaching $15.12. 5,241,927 shares of the company traded hands, compared to its average volume of 8,152,831. Core Scientific has a 52-week low of $2.61 and a 52-week high of $18.63. The firm has a market capitalization of $4.22 billion and a price-to-earnings ratio of -2.79. The business’s fifty day moving average is $15.66 and its 200-day moving average is $12.73.

Insiders Place Their Bets

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of the business’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 $1,258,531.20. Following the sale, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. The trade was a 2.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Todd M. Duchene sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total value of $427,500.00. Following the transaction, the insider now directly owns 1,661,474 shares of the company’s stock, valued at approximately $28,411,205.40. This trade represents a 1.48 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 348,241 shares of company stock worth $5,436,802. 32.00% of the stock is owned by corporate insiders.

Institutional Trading of Core Scientific

Several institutional investors have recently bought and sold shares of CORZ. Sunbelt Securities Inc. purchased a new stake in Core Scientific during the 2nd quarter valued at $33,000. Rise Advisors LLC lifted its holdings in shares of Core Scientific by 14.3% during the third quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock valued at $95,000 after purchasing an additional 1,000 shares in the last quarter. Divisadero Street Capital Management LP purchased a new stake in shares of Core Scientific during the second quarter valued at $93,000. Arkadios Wealth Advisors bought a new stake in Core Scientific in the 3rd quarter worth about $119,000. Finally, Doliver Advisors LP purchased a new position in Core Scientific in the 3rd quarter worth about $124,000.

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.