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

Core Scientific (NASDAQ:CORZ) had its price target boosted by Needham & Company LLC from $23.00 to $29.00 in a research note released on Thursday, Marketbeat.com reports. Needham & Company LLC currently has a buy rating on the stock.

Other analysts have also issued reports about the company. Wall Street Zen upgraded Core Scientific to a “sell” rating in a report on Saturday, March 14th. Cantor Fitzgerald lifted their target price on Core Scientific from $25.00 to $29.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Canaccord Genuity Group boosted their target price on Core Scientific from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. HC Wainwright reaffirmed a “buy” rating and set a $25.00 price target on shares of Core Scientific in a research report on Tuesday, March 3rd. Finally, Zacks Research raised shares of Core Scientific from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Core Scientific presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.01.

Core Scientific Stock Up 2.2%

Shares of CORZ traded up $0.48 on Thursday, hitting $22.84. The company’s stock had a trading volume of 6,549,720 shares, compared to its average volume of 12,705,085. The firm’s fifty day moving average price is $17.75 and its 200-day moving average price is $17.49. Core Scientific has a fifty-two week low of $9.17 and a fifty-two week high of $25.01. The firm has a market capitalization of $7.21 billion, a price-to-earnings ratio of -19.90 and a beta of 5.45.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to the consensus estimate of $117.04 million. The firm’s quarterly revenue was up 44.9% compared to the same quarter last year. During the same period last year, the company earned $1.25 earnings per share. As a group, equities analysts predict that Core Scientific will post 0.07 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $20.86, for a total transaction of $208,600.00. Following the sale, the insider owned 1,980,348 shares in the company, valued at approximately $41,310,059.28. This represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 50,000 shares of company stock valued at $933,400 over the last 90 days. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Core Scientific

Large investors have recently made changes to their positions in the stock. ORG Wealth Partners LLC increased its stake in shares of Core Scientific by 1.8% during the 3rd quarter. ORG Wealth Partners LLC now owns 7,290,481 shares of the company’s stock worth $130,791,000 after purchasing an additional 128,284 shares during the last quarter. Kintayl Capital LP acquired a new stake in Core Scientific in the 3rd quarter valued at about $10,227,000. FNY Investment Advisers LLC bought a new position in Core Scientific during the fourth quarter worth about $1,252,000. Universal Beteiligungs und Servicegesellschaft mbH increased its position in Core Scientific by 39.9% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 452,806 shares of the company’s stock worth $8,123,000 after buying an additional 129,133 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after buying an additional 5,359,710 shares during the last quarter.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.