Needham & Company LLC Has Lowered Expectations for Core Scientific (NASDAQ:CORZ) Stock Price

Core Scientific (NASDAQ:CORZ) had its price target dropped by research analysts at Needham & Company LLC from $18.00 to $17.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 69.66% from the company’s current price.

Several other equities analysts have also recently weighed in on the company. Macquarie increased their price target on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Craig Hallum started coverage on Core Scientific in a research note on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price target for the company. BTIG Research raised their price objective on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Keefe, Bruyette & Woods started coverage on Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 price objective for the company. Finally, Roth Mkm initiated coverage on Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 price objective for the company. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $19.00.

Core Scientific Stock Performance

CORZ stock opened at $10.02 on Thursday. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.63. The business’s 50 day moving average price is $13.34 and its two-hundred day moving average price is $13.28. The company has a market capitalization of $2.80 billion and a price-to-earnings ratio of -1.85.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. Sell-side analysts forecast that Core Scientific will post 0.52 earnings per share for the current year.

Insider Activity at Core Scientific

In other Core Scientific news, CEO Adam Taylor Sullivan sold 88,380 shares of Core Scientific stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,258,531.20. Following the transaction, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. The trade was a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 129,861 shares of Core Scientific stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the completion of the transaction, the insider now directly owns 2,051,649 shares in the company, valued at $29,215,481.76. This represents a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 614,032 shares of company stock valued at $9,534,916 over the last ninety days. 32.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

Several institutional investors and hedge funds have recently bought and sold shares of the company. Xponance Inc. grew its holdings in Core Scientific by 7.9% in the fourth quarter. Xponance Inc. now owns 12,800 shares of the company’s stock worth $180,000 after purchasing an additional 937 shares during the last quarter. Summit Investment Advisors Inc. increased its position in shares of Core Scientific by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company’s stock valued at $262,000 after acquiring an additional 1,185 shares during the period. Wellington Shields & Co. LLC acquired a new position in shares of Core Scientific in the 4th quarter valued at $26,000. First Horizon Advisors Inc. acquired a new position in shares of Core Scientific in the 4th quarter valued at $34,000. Finally, Joel Isaacson & Co. LLC increased its position in shares of Core Scientific by 4.5% in the 4th quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company’s stock valued at $815,000 after acquiring an additional 2,500 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.