Core Scientific (NASDAQ:CORZ) Stock Gets Price Target Reduction from Needham & Company LLC

Core Scientific (NASDAQ:CORZ) had its price objective lowered by analysts at Needham & Company LLC from $35.00 to $28.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC‘s target price would suggest a potential upside of 146.05% from the company’s previous close.

Several other brokerages also recently weighed in on CORZ. Wells Fargo & Company started coverage on shares of Core Scientific in a research note on Thursday, September 17th. They set an “overweight” rating and a $28.00 target price for the company. Wolfe Research restated a “buy” rating on shares of Core Scientific in a research report on Wednesday, July 29th. B. Riley Financial reduced their price objective on Core Scientific from $42.00 to $31.00 and set a “buy” rating for the company in a research note on Friday, October 30th. Capital One Financial set a $33.00 price objective on Core Scientific in a research note on Thursday, July 30th. Finally, Keefe, Bruyette & Woods raised Core Scientific from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $25.00 to $28.00 in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Core Scientific currently has a consensus rating of “Moderate Buy” and an average target price of $30.87.

Core Scientific Trading Down 10.8%

Shares of NASDAQ:CORZ opened at $11.38 on Friday. Core Scientific has a 1-year low of $10.59 and a 1-year high of $30.46. The firm has a fifty day moving average price of $15.80 and a 200 day moving average price of $19.52.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.54. The business had revenue of $232.87 million during the quarter, compared to analyst estimates of $196.54 million. On average, research analysts forecast that Core Scientific will post -1.36 EPS for the current fiscal year.

Insider Activity

In other news, insider Todd DuChene sold 10,000 shares of Core Scientific stock in a transaction on Monday, October 19th. The stock was sold at an average price of $13.87, for a total transaction of $138,700.00. Following the completion of the transaction, the insider owned 1,143,286 shares of the company’s stock, valued at $15,857,376.82. The trade was a 0.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last three months, insiders acquired 19,000 shares of company stock worth $342,290 and sold 100,000 shares worth $1,628,600. 1.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Core Scientific

Large investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC raised its position in Core Scientific by 125.0% during the third quarter. Parallel Advisors LLC now owns 1,800 shares of the company’s stock worth $29,000 after acquiring an additional 1,000 shares during the last quarter. Covestor Ltd lifted its holdings in shares of Core Scientific by 75.3% in the third quarter. Covestor Ltd now owns 116,647 shares of the company’s stock valued at $1,864,000 after purchasing an additional 50,100 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Core Scientific in the third quarter valued at approximately $42,000. Partners Wealth Management LLC acquired a new stake in shares of Core Scientific in the third quarter valued at approximately $317,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Core Scientific by 5,468.6% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 389,800 shares of the company’s stock worth $6,229,000 after purchasing an additional 382,800 shares in the last quarter.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.