Core Scientific (NASDAQ:CORZ) Stock Gets Price Target Reduction from B. Riley Financial

Core Scientific (NASDAQ:CORZ) had its price objective lowered by B. Riley Financial from $42.00 to $31.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

CORZ has been the topic of several other reports. Keefe, Bruyette & Woods upgraded Core Scientific from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $25.00 to $28.00 in a research report on Thursday, July 30th. Wells Fargo & Company assumed coverage on shares of Core Scientific in a report on Thursday, September 17th. They issued an “overweight” rating and a $28.00 target price on the stock. Wolfe Research reissued a “buy” rating on shares of Core Scientific in a research report on Wednesday, July 29th. UBS Group reaffirmed a “market outperform” rating on shares of Core Scientific in a research report on Wednesday, October 14th. Finally, Capital One Financial set a $33.00 price target on Core Scientific in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.28.

Core Scientific Stock Performance

Shares of Core Scientific stock opened at $13.25 on Friday. Core Scientific has a one year low of $12.31 and a one year high of $30.46. The firm has a fifty day moving average of $16.19 and a two-hundred day moving average of $19.63. The company has a market cap of $4.26 billion, a P/E ratio of -3.00 and a beta of 5.56.

Insider Activity

In other news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction on Monday, October 26th. The stock was sold at an average price of $13.56, for a total value of $135,600.00. Following the completion of the transaction, the insider owned 1,133,286 shares of the company’s stock, valued at approximately $15,367,358.16. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Elizabeth Crain acquired 6,000 shares of Core Scientific stock in a transaction dated Thursday, August 20th. The stock was acquired at an average cost of $18.33 per share, with a total value of $109,980.00. Following the completion of the transaction, the director directly owned 71,348 shares of the company’s stock, valued at $1,307,808.84. This trade represents a 9.18% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 19,000 shares of company stock worth $342,290 and have sold 90,000 shares worth $1,500,800. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Core Scientific in the second quarter worth about $719,649,000. Apollo Management Holdings L.P. acquired a new position in shares of Core Scientific in the 2nd quarter valued at $115,671,000. Fifth Third Bancorp purchased a new stake in shares of Core Scientific in the first quarter valued at $59,802,000. Avala Global LP purchased a new position in Core Scientific in the 2nd quarter valued at about $101,729,000. Finally, Bank of America Corp DE lifted its holdings in Core Scientific by 412.5% in the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock worth $71,903,000 after purchasing an additional 3,868,535 shares during the period.

About Core Scientific

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.