Core Scientific (NASDAQ:CORZ) Given Buy Rating at Needham & Company LLC

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report released on Friday,Benzinga reports. They currently have a $16.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 52.24% from the stock’s previous close.

A number of other research firms also recently issued reports on CORZ. Compass Point dropped their price objective on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Keefe, Bruyette & Woods started coverage on Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 price target for the company. Oppenheimer assumed coverage on Core Scientific in a research report on Wednesday. They set an “outperform” rating and a $15.00 price objective on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research report on Friday, May 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research report on Tuesday, March 11th. Sixteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $18.75.

Core Scientific Stock Performance

Core Scientific stock opened at $10.51 on Friday. The stock has a market cap of $3.13 billion, a P/E ratio of -1.94 and a beta of 6.66. Core Scientific has a fifty-two week low of $3.67 and a fifty-two week high of $18.63. The firm’s fifty day moving average price is $8.08 and its 200-day moving average price is $11.99.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The business had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. During the same quarter last year, the business posted $0.78 EPS. The business’s revenue was down 55.6% compared to the same quarter last year. Sell-side analysts predict that Core Scientific will post 0.52 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jordan Levy bought 62,500 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $8.01 per share, with a total value of $500,625.00. Following the completion of the acquisition, the director now owns 306,887 shares of the company’s stock, valued at approximately $2,458,164.87. This represents a 25.57% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd A. Becker sold 134,250 shares of the stock in a transaction on 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 in the company, valued at $2,103,635.25. This trade represents a 40.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Wellington Shields & Co. LLC purchased a new stake in shares of Core Scientific in the fourth quarter worth $26,000. First Horizon Advisors Inc. purchased a new stake in shares of Core Scientific during the 4th quarter worth approximately $34,000. State of Wyoming bought a new position in shares of Core Scientific during the 1st quarter valued at approximately $34,000. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Core Scientific in the first quarter valued at $38,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in Core Scientific in the fourth quarter worth $42,000.

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.