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 note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 52.33% from the company’s current price.

CORZ has been the subject of a number of other reports. B. Riley increased their target price on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Roth Capital upgraded Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. Macquarie boosted their target price on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. HC Wainwright upped their target price on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a report on Monday, January 27th. They issued an “outperform” rating and a $22.00 price target on the stock. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $19.07.

Core Scientific Stock Performance

Shares of CORZ stock opened at $11.16 on Thursday. The company has a market capitalization of $3.12 billion and a P/E ratio of -2.06. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.63. The stock has a 50 day moving average price of $13.26 and a two-hundred day moving average price of $13.26.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The firm had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. As a group, equities analysts predict that Core Scientific will post 0.52 earnings per share for the current year.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $6,004,122.88. Following the sale, the chief executive officer now directly owns 3,758,793 shares of the company’s stock, valued at approximately $61,042,798.32. The trade was a 8.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Todd M. Duchene sold 129,861 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the completion of the sale, the insider now directly owns 2,051,649 shares in the company, valued at approximately $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. Over the last quarter, insiders sold 614,032 shares of company stock valued at $9,534,916. Corporate insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

Several institutional investors have recently bought and sold shares of the company. Wellington Shields & Co. LLC purchased a new position in Core Scientific in the fourth quarter worth about $26,000. First Horizon Advisors Inc. bought a new stake in shares of Core Scientific during the fourth quarter valued at approximately $34,000. Newbridge Financial Services Group Inc. purchased a new position in Core Scientific in the 4th quarter worth approximately $42,000. Vestcor Inc bought a new position in Core Scientific in the 4th quarter valued at approximately $66,000. Finally, US Bancorp DE purchased a new stake in Core Scientific during 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.