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

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

A number of other equities analysts have also recently issued reports on the company. BTIG Research upped their target price on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Compass Point decreased their price target on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday. Keefe, Bruyette & Woods began coverage on Core Scientific in a research note on Monday, January 27th. They issued an “outperform” rating and a $22.00 price target for 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 research note on Thursday, November 14th. Finally, Roth Mkm started coverage on Core Scientific in a research note on Friday, November 15th. They set a “buy” rating and a $25.50 target price for the company. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $19.00.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $10.02 on Thursday. The stock has a fifty day moving average price of $13.34 and a 200-day moving average price of $13.28. The company has a market cap of $2.80 billion and a price-to-earnings ratio of -1.85. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.63.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.09. Research analysts predict that Core Scientific will post 0.52 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Adam Taylor Sullivan sold 88,380 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 $1,258,531.20. Following the sale, the chief executive officer now directly owns 4,128,505 shares in the company, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their ownership of the stock. The sale 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 Core Scientific 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 sale, the insider now owns 2,051,649 shares in the company, valued at $29,215,481.76. This trade 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 have sold 614,032 shares of company stock worth $9,534,916. Corporate insiders own 32.00% of the company’s stock.

Institutional Trading of Core Scientific

A number of hedge funds have recently bought and sold shares of CORZ. Wellington Shields & Co. LLC purchased a new stake in Core Scientific in the fourth quarter worth $26,000. First Horizon Advisors Inc. bought a new stake in Core Scientific during the fourth quarter valued at $34,000. Newbridge Financial Services Group Inc. bought a new stake in Core Scientific during the fourth quarter valued at $42,000. Vestcor Inc bought a new stake in Core Scientific during the fourth quarter worth about $66,000. Finally, US Bancorp DE bought a new stake in shares of Core Scientific in the 4th quarter valued at about $99,000.

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.