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

Needham & Company LLC reissued their buy rating on shares of Core Scientific (NASDAQ:CORZ) in a report issued on Friday morning,Benzinga reports. The brokerage currently has a $18.00 target price on the stock.

Several other equities research analysts have also issued reports on CORZ. Oppenheimer assumed coverage on shares of Core Scientific in a report on Wednesday, May 14th. They issued an “outperform” rating and a $15.00 target price for the company. Roth Mkm restated a “buy” rating and set a $20.00 target price on shares of Core Scientific in a research report on Thursday. Citigroup initiated coverage on shares of Core Scientific in a report on Thursday, May 22nd. They issued an “outperform” rating on the stock. JMP Securities began coverage on Core Scientific in a research note on Thursday, May 22nd. They issued a “market outperform” rating and a $15.00 price objective on the stock. Finally, Cantor Fitzgerald decreased their target price on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Eighteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $18.14.

Core Scientific Trading Up 1.8%

Shares of CORZ stock opened at $16.65 on Friday. The stock has a market capitalization of $4.96 billion, a P/E ratio of -3.31 and a beta of 6.30. Core Scientific has a 12-month low of $6.20 and a 12-month high of $18.63. The firm’s 50 day moving average is $10.47 and its 200 day moving average is $11.09.

Core Scientific (NASDAQ:CORZ) last released 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 firm had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. During the same quarter in the prior year, the firm earned $0.78 earnings per share. The company’s revenue for the quarter was down 55.6% compared to the same quarter last year. As a group, equities analysts predict that Core Scientific will post 0.52 earnings per share for the current year.

Insider Activity

In other Core Scientific news, Director Yadin Rozov acquired 110,000 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was bought at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the purchase, the director now directly owns 475,687 shares in the company, valued at $5,170,717.69. The trade was a 30.08% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 7,759 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total transaction of $96,134.01. Following the transaction, the insider now owns 2,049,689 shares in the company, valued at approximately $25,395,646.71. This represents a 0.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 117,759 shares of company stock valued at $1,391,434. Corporate insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC grew its holdings in Core Scientific by 2,937.7% in the fourth quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after purchasing an additional 7,191,428 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Core Scientific by 54.3% in the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after purchasing an additional 6,819,406 shares during the period. Helix Partners Management LP acquired a new position in Core Scientific in the 4th quarter worth approximately $86,498,000. Driehaus Capital Management LLC increased its stake in shares of Core Scientific by 112.1% in the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock worth $144,212,000 after acquiring an additional 5,424,901 shares during the period. Finally, Situational Awareness LP purchased a new position in shares of Core Scientific during the 1st quarter valued at about $32,736,000.

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.