Compass Point Has Lowered Expectations for Core Scientific (NASDAQ:CORZ) Stock Price

Core Scientific (NASDAQ:CORZ) had its price objective cut by equities research analysts at Compass Point from $26.00 to $20.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Compass Point’s price objective points to a potential upside of 99.60% from the company’s current price.

A number of other equities research analysts also recently weighed in on CORZ. B. Riley upped their target price on Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research report on Thursday, November 7th. Roth Mkm initiated coverage on Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 price objective for the company. HC Wainwright increased their price objective on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum initiated coverage on Core Scientific in a research report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price objective for the company. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Core Scientific has a consensus rating of “Buy” and a consensus price target of $19.07.

Core Scientific Price Performance

Shares of CORZ stock opened at $10.02 on Tuesday. Core Scientific has a 12-month low of $2.61 and a 12-month high of $18.63. The firm has a market capitalization of $2.80 billion and a price-to-earnings ratio of -1.85. The business has a 50 day simple moving average of $13.43 and a 200 day simple moving average of $13.30.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. On average, equities analysts anticipate that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling

In other Core Scientific news, CEO Adam Taylor Sullivan sold 369,712 shares of Core Scientific stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the sale, the chief executive officer now directly owns 3,758,793 shares of the company’s stock, valued at approximately $61,042,798.32. The trade was a 8.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Todd M. Duchene sold 25,277 shares of Core Scientific stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $410,498.48. Following the sale, the insider now directly owns 2,023,423 shares in the company, valued at $32,860,389.52. The trade was a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 614,032 shares of company stock valued at $9,534,916 over the last three months. 32.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CORZ. Creative Planning boosted its holdings in shares of Core Scientific by 88.0% in the 3rd quarter. Creative Planning now owns 32,925 shares of the company’s stock worth $389,000 after acquiring an additional 15,413 shares in the last quarter. Arkadios Wealth Advisors bought a new position in Core Scientific in the 3rd quarter worth approximately $119,000. Wealth Enhancement Advisory Services LLC raised its position in Core Scientific by 96.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 78,077 shares of the company’s stock worth $926,000 after purchasing an additional 38,292 shares during the last quarter. Van ECK Associates Corp raised its position in 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 purchasing an additional 300,942 shares during the last quarter. Finally, Harvest Portfolios Group Inc. raised its position in Core Scientific by 10.1% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company’s stock worth $663,000 after purchasing an additional 5,109 shares during the last quarter.

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.