B. Riley Financial Issues Pessimistic Forecast for Core Scientific (NASDAQ:CORZ) Stock Price

Core Scientific (NASDAQ:CORZ) had its price objective cut by stock analysts at B. Riley Financial from $31.00 to $27.00 in a report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Financial‘s target price indicates a potential upside of 122.46% from the company’s current price.

CORZ has been the subject of a number of other reports. Wolfe Research reiterated a “buy” rating on shares of Core Scientific in a report on Wednesday, July 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a report on Thursday, October 15th. Keefe, Bruyette & Woods upgraded Core Scientific from a “market perform” rating to an “outperform” rating and raised their target price for the company from $25.00 to $28.00 in a report on Thursday, July 30th. Canaccord Genuity Group restated a “buy” rating and set a $36.00 price target on shares of Core Scientific in a report on Thursday, October 15th. Finally, Rothschild & Co Redburn began coverage on Core Scientific in a research note on Monday, September 21st. They issued a “neutral” rating and a $16.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Core Scientific presently has a consensus rating of “Moderate Buy” and an average price target of $30.32.

Core Scientific Stock Up 3.2%

Shares of CORZ stock opened at $12.14 on Monday. Core Scientific has a twelve month low of $10.59 and a twelve month high of $30.46. The stock’s fifty day simple moving average is $15.68 and its 200 day simple moving average is $19.48. The firm has a market capitalization of $3.90 billion, a P/E ratio of -3.47 and a beta of 5.56.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.54. The firm had revenue of $232.87 million during the quarter, compared to the consensus estimate of $196.54 million. Core Scientific had a negative net margin of 18.31% and a negative return on equity of 64.77%. As a group, equities research analysts expect that Core Scientific will post -1.36 EPS for the current fiscal year.

Insider Activity

In other news, insider Todd DuChene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $12.78, for a total transaction of $127,800.00. Following the completion of the sale, the insider owned 1,123,286 shares in the company, valued at approximately $14,355,595.08. This trade represents a 0.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eric Weiss acquired 6,000 shares of the company’s stock in a transaction dated Tuesday, September 15th. The shares were bought at an average cost of $16.33 per share, with a total value of $97,980.00. Following the completion of the acquisition, the director directly owned 265,262 shares in the company, valued at $4,331,728.46. The trade was a 2.31% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders acquired 19,000 shares of company stock worth $342,290 and sold 90,000 shares worth $1,428,900. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC increased its stake in shares of Core Scientific by 125.0% in the third quarter. Parallel Advisors LLC now owns 1,800 shares of the company’s stock worth $29,000 after buying an additional 1,000 shares during the period. Covestor Ltd boosted its position in Core Scientific by 75.3% during the 3rd quarter. Covestor Ltd now owns 116,647 shares of the company’s stock valued at $1,864,000 after buying an additional 50,100 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Core Scientific in the 3rd quarter worth $42,000. Partners Wealth Management LLC bought a new stake in Core Scientific in the 3rd quarter worth $317,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Core Scientific by 5,468.6% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 389,800 shares of the company’s stock valued at $6,229,000 after acquiring an additional 382,800 shares during the period.

About Core Scientific

Core Scientific, Inc is a U.S.-based digital infrastructure company that operates data centers and provides computing services. Its business includes mining bitcoin, which involves using specialized computers to help process transactions and secure the Bitcoin network, as well as hosting equipment for third-party mining customers.

The company also provides data center infrastructure for high-performance computing workloads, including artificial intelligence applications. Its facilities and services are designed to support the power, cooling, and computing needs of these operations.

Founded in 2017, Core Scientific operates data center sites in several U.S.