Needham & Company LLC Issues Positive Forecast for Core Scientific (NASDAQ:CORZ) Stock Price

Core Scientific (NASDAQ:CORZ) had its price objective upped by Needham & Company LLC from $16.00 to $18.00 in a report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts also recently commented on the company. Citigroup initiated coverage on Core Scientific in a research note on Thursday, May 22nd. They issued an “outperform” rating on the stock. Oppenheimer initiated coverage on Core Scientific in a research report on Wednesday, May 14th. They set an “outperform” rating and a $15.00 target price on the stock. Compass Point dropped their target price on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Citizens Jmp upgraded Core Scientific to a “strong-buy” rating and set a $15.00 target price on the stock in a research report on Thursday, May 22nd. Finally, Canaccord Genuity Group restated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Friday, May 9th. Eighteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $18.44.

Core Scientific Trading Up 0.5%

Core Scientific stock opened at $12.77 on Tuesday. Core Scientific has a 12 month low of $6.20 and a 12 month high of $18.63. The business’s 50 day simple moving average is $9.17 and its 200 day simple moving average is $11.44. The company has a market cap of $3.80 billion, a price-to-earnings ratio of -2.36 and a beta of 6.30.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to analysts’ expectations of $92.04 million. During the same quarter in the previous year, the company posted $0.78 EPS. Core Scientific’s revenue for the quarter was down 55.6% on a year-over-year basis. As a group, equities research analysts forecast that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 50,000 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $12.31, for a total value of $615,500.00. Following the transaction, the insider now owns 2,050,102 shares of the company’s stock, valued at $25,236,755.62. This represents a 2.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Yadin Rozov bought 110,000 shares of Core Scientific stock in a transaction that occurred on Wednesday, May 28th. The stock was purchased at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the purchase, the director now owns 475,687 shares of the company’s stock, valued at $5,170,717.69. The trade was a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wellington Shields & Co. LLC bought a new position in Core Scientific in the fourth quarter valued at $26,000. First Horizon Advisors Inc. bought a new position in Core Scientific in the fourth quarter valued at $34,000. Newbridge Financial Services Group Inc. bought a new position in shares of Core Scientific during the fourth quarter valued at about $42,000. Vestcor Inc bought a new position in shares of Core Scientific during the fourth quarter valued at about $66,000. Finally, State of Wyoming bought a new position in shares of Core Scientific during the first quarter valued at about $34,000.

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.