Needham & Company LLC Reaffirms “Buy” Rating for Core Scientific (NASDAQ:CORZ)

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research note issued on Friday,Benzinga reports. They presently have a $16.00 price target on the stock. Needham & Company LLC’s price target would suggest a potential upside of 48.42% from the company’s current price.

Several other analysts also recently commented on CORZ. Oppenheimer initiated coverage on shares of Core Scientific in a research report on Wednesday. They issued an “outperform” rating and a $15.00 price target for the company. Cantor Fitzgerald reduced their price target on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. Compass Point reduced their price target on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific in a research report on Monday, January 27th. They issued an “outperform” rating and a $22.00 price target for the company. Finally, Craig Hallum initiated coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price target for the company. Sixteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Core Scientific has an average rating of “Buy” and an average price target of $18.75.

Core Scientific Trading Up 2.6%

CORZ stock opened at $10.78 on Friday. Core Scientific has a twelve month low of $3.68 and a twelve month high of $18.63. The company’s 50 day moving average is $8.12 and its two-hundred day moving average is $11.95. The stock has a market cap of $3.21 billion, a P/E ratio of -1.99 and a beta of 6.66.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $79.53 million for the quarter, compared to analyst estimates of $92.04 million. During the same period in the previous year, the business posted $0.78 EPS. The firm’s revenue for the quarter was down 55.6% compared to the same quarter last year. On average, equities research analysts predict that Core Scientific will post 0.52 earnings per share for the current year.

Insider Transactions at Core Scientific

In related news, Director Todd A. Becker sold 134,250 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $10.75, for a total value of $1,443,187.50. Following the sale, the director now directly owns 195,687 shares of the company’s stock, valued at approximately $2,103,635.25. This represents a 40.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jordan Levy acquired 62,500 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the purchase, the director now owns 306,887 shares in the company, valued at $2,458,164.87. The trade was a 25.57% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

A number of large investors have recently added to or reduced their stakes in the business. Arete Wealth Advisors LLC grew its stake in Core Scientific by 39.1% in the 1st quarter. Arete Wealth Advisors LLC now owns 22,942 shares of the company’s stock valued at $166,000 after acquiring an additional 6,453 shares during the last quarter. Clearline Capital LP grew its stake in Core Scientific by 157.8% in the 1st quarter. Clearline Capital LP now owns 5,403,963 shares of the company’s stock valued at $39,125,000 after acquiring an additional 3,308,100 shares during the last quarter. Fred Alger Management LLC grew its stake in Core Scientific by 46.7% in the 1st quarter. Fred Alger Management LLC now owns 6,473,552 shares of the company’s stock valued at $46,869,000 after acquiring an additional 2,059,985 shares during the last quarter. Ursa Fund Management LLC purchased a new position in Core Scientific in the 1st quarter valued at about $217,000. Finally, Parkwood LLC purchased a new position in Core Scientific in the 1st quarter valued at about $2,534,000.

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.