Needham & Company LLC Reaffirms “Buy” Rating for Core Scientific (NASDAQ:CORZ)

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $18.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential upside of 20.00% from the stock’s current price.

CORZ has been the topic of several other research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 price target on shares of Core Scientific in a research note on Thursday, October 3rd. Jefferies Financial Group initiated coverage on Core Scientific in a research note on Monday, October 28th. They set a “buy” rating and a $19.00 price target for the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Thursday, November 7th. BTIG Research increased their target price on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Finally, Compass Point raised their target price on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $18.46.

Core Scientific Price Performance

Shares of CORZ opened at $15.00 on Friday. The firm has a market cap of $4.19 billion and a P/E ratio of -2.77. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.63. The company has a 50 day simple moving average of $15.63 and a two-hundred day simple moving average of $12.79.

Insiders Place Their Bets

In related news, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,258,531.20. Following the completion of the transaction, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. This trade represents a 2.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Todd M. Duchene sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total transaction of $427,500.00. Following the sale, the insider now directly owns 1,661,474 shares in the company, valued at approximately $28,411,205.40. This represents a 1.48 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 348,241 shares of company stock valued at $5,436,802.

Hedge Funds Weigh In On Core Scientific

Hedge funds have recently made changes to their positions in the company. Red Door Wealth Management LLC boosted its holdings in Core Scientific by 124.3% in the fourth quarter. Red Door Wealth Management LLC now owns 95,378 shares of the company’s stock valued at $1,340,000 after purchasing an additional 52,851 shares during the last quarter. Shikiar Asset Management Inc. boosted its stake in shares of Core Scientific by 27.0% in the fourth quarter. Shikiar Asset Management Inc. now owns 95,250 shares of the company’s stock worth $1,338,000 after buying an additional 20,250 shares during the last quarter. FNY Investment Advisers LLC grew its holdings in Core Scientific by 35.8% during the fourth quarter. FNY Investment Advisers LLC now owns 190,747 shares of the company’s stock worth $2,679,000 after acquiring an additional 50,275 shares during the period. ORG Wealth Partners LLC raised its position in Core Scientific by 0.3% during the fourth quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock valued at $126,262,000 after acquiring an additional 26,649 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Core Scientific by 25.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company’s stock valued at $1,378,000 after acquiring an additional 20,000 shares during the period.

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.