Core Scientific (NASDAQ:CORZ) Price Target Raised to $18.00

Core Scientific (NASDAQ:CORZ) had its price target boosted by Needham & Company LLC from $17.00 to $18.00 in a research report released on Thursday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other research analysts also recently weighed in on CORZ. Sanford C. Bernstein restated an “outperform” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Tuesday, September 10th. Compass Point upped their price objective on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Canaccord Genuity Group began coverage on Core Scientific in a research note on Monday, September 23rd. They set a “buy” rating and a $16.00 target price for the company. Canaccord Genuity Group boosted their price target on Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $20.00 price objective on shares of Core Scientific in a research note on Thursday, October 3rd. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat, Core Scientific presently has an average rating of “Buy” and a consensus price target of $17.21.

Core Scientific Stock Performance

CORZ stock opened at $16.96 on Thursday. Core Scientific has a 1 year low of $2.61 and a 1 year high of $17.01. The firm has a market cap of $4.74 billion and a P/E ratio of -3.13. The stock has a 50-day simple moving average of $12.34 and a 200-day simple moving average of $9.43.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The business had revenue of $141.10 million during the quarter, compared to analysts’ expectations of $128.58 million. Core Scientific’s revenue was up 11.2% on a year-over-year basis. On average, equities research analysts predict that Core Scientific will post 0.81 EPS for the current year.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the sale, the insider now directly owns 1,686,474 shares of the company’s stock, valued at approximately $15,869,720.34. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Denise Marie Brucia Sterling sold 8,752 shares of Core Scientific stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the completion of the transaction, the chief financial officer now directly owns 122,217 shares of the company’s stock, valued at approximately $1,150,061.97. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Todd M. Duchene sold 11,582 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the sale, the insider now directly owns 1,686,474 shares of the company’s stock, valued at approximately $15,869,720.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders bought 12,761 shares of company stock worth $127,080. 32.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Barings LLC acquired a new position in Core Scientific during the 1st quarter valued at approximately $36,515,000. ORG Wealth Partners LLC bought a new stake in Core Scientific in the third quarter valued at $106,266,000. Vanguard Group Inc. acquired a new position in shares of Core Scientific during the first quarter valued at $21,973,000. Kensico Capital Management Corp bought a new position in shares of Core Scientific during the first quarter worth about $18,513,000. Finally, Van ECK Associates Corp increased its holdings in shares of Core Scientific by 22.9% in the 3rd quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock worth $19,177,000 after acquiring an additional 300,942 shares during the period.

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.