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

Core Scientific (NASDAQ:CORZ) had its price target cut by analysts at Needham & Company LLC from $18.00 to $17.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 52.33% from the company’s previous close.

Several other research firms also recently weighed in on CORZ. Keefe, Bruyette & Woods began coverage on Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 price target for the company. Roth Capital upgraded shares of Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. B. Riley boosted their price target on shares of Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Compass Point dropped their price target on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Roth Mkm began coverage on shares of Core Scientific in a research note on Friday, November 15th. They issued a “buy” rating and a $25.50 price objective for the company. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Core Scientific presently has an average rating of “Buy” and an average target price of $19.07.

Core Scientific Stock Performance

NASDAQ CORZ opened at $11.16 on Thursday. The company has a market capitalization of $3.12 billion and a PE ratio of -2.06. Core Scientific has a 52-week low of $2.61 and a 52-week high of $18.63. The company has a 50-day simple moving average of $13.26 and a 200 day simple moving average of $13.26.

Core Scientific (NASDAQ:CORZ) last issued its quarterly 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 company had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. As a group, analysts forecast that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Todd M. Duchene sold 129,861 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 transaction of $1,849,220.64. Following the completion of the sale, the insider now directly owns 2,051,649 shares of the company’s stock, valued at approximately $29,215,481.76. The trade was a 5.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the completion of the transaction, the chief executive officer now owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. This trade represents a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 614,032 shares of company stock worth $9,534,916 over the last ninety days. 32.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Several hedge funds have recently added to or reduced their stakes in the company. Wellington Shields & Co. LLC bought a new stake in Core Scientific in the 4th quarter worth approximately $26,000. First Horizon Advisors Inc. purchased a new position in shares of Core Scientific during the fourth quarter worth approximately $34,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific in the 4th quarter worth approximately $42,000. Vestcor Inc purchased a new stake in shares of Core Scientific in the 4th quarter valued at $66,000. Finally, US Bancorp DE purchased a new stake in shares of Core Scientific in the 4th quarter valued at $99,000.

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.