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

Core Scientific (NASDAQ:CORZ - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Needham & Company LLC in a research note issued on Friday,Benzinga reports. They presently have a $18.00 price target on the stock. Needham & Company LLC's target price would indicate a potential upside of 10.02% from the stock's previous close.

A number of other analysts have also recently issued reports on the company. Cantor Fitzgerald lowered their target price on Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a research note on Thursday, February 27th. Citigroup began coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They issued an "outperform" rating for the company. Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research note on Friday. Oppenheimer assumed coverage on Core Scientific in a report on Wednesday, May 14th. They set an "outperform" rating and a $15.00 price objective for the company. Finally, Citizens Jmp raised Core Scientific to a "strong-buy" rating and set a $15.00 target price on the stock in a research report on Thursday, May 22nd. Eighteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $18.14.

Core Scientific Price Performance

Shares of NASDAQ:CORZ opened at $16.36 on Friday. The firm's 50 day simple moving average is $10.27 and its 200 day simple moving average is $11.08. Core Scientific has a fifty-two week low of $6.20 and a fifty-two week high of $18.63. The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of -3.25 and a beta of 6.30.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. Core Scientific's quarterly revenue was down 55.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 EPS. Equities research analysts expect that Core Scientific will post 0.52 earnings per share for the current year.

Insider Activity at Core Scientific

In other news, insider Todd M. Duchene sold 50,000 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $12.31, for a total value of $615,500.00. Following the transaction, the insider now owns 2,050,102 shares of the company's stock, valued at approximately $25,236,755.62. This represents a 2.38% 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, Director Yadin Rozov purchased 110,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The shares were purchased at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the acquisition, the director now owns 475,687 shares in the company, valued at $5,170,717.69. The trade was a 30.08% increase in their position. The disclosure for this purchase can be found here. 1.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. KLP Kapitalforvaltning AS bought a new stake in shares of Core Scientific in the fourth quarter valued at about $527,000. Deutsche Bank AG raised its stake in Core Scientific by 53.8% in the 4th quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock worth $2,319,000 after purchasing an additional 57,742 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in Core Scientific by 30.7% in the 4th quarter. New York State Common Retirement Fund now owns 187,181 shares of the company's stock valued at $2,630,000 after purchasing an additional 43,915 shares during the period. Millennium Management LLC acquired a new position in shares of Core Scientific during the 4th quarter worth approximately $1,335,000. Finally, LPL Financial LLC grew its position in shares of Core Scientific by 42.9% during the 4th quarter. LPL Financial LLC now owns 421,213 shares of the company's stock worth $5,918,000 after purchasing an additional 126,454 shares in the last quarter.

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.

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