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

Core Scientific (NASDAQ:CORZ)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $18.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 19.09% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Canaccord Genuity Group started coverage on shares of Core Scientific in a research report on Monday, September 23rd. They set a “buy” rating and a $16.00 target price for the company. Roth Mkm assumed coverage on Core Scientific in a report on Friday, November 15th. They set a “buy” rating and a $25.50 price objective for the company. HC Wainwright raised their target price on Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. B. Riley upped their price target on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, BTIG Research lifted their price objective on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Thirteen 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, Core Scientific presently has an average rating of “Buy” and an average target price of $18.46.

Core Scientific Trading Up 3.3 %

Shares of NASDAQ:CORZ traded up $0.49 during midday trading on Friday, reaching $15.12. The company had a trading volume of 5,241,927 shares, compared to its average volume of 8,152,831. The stock has a market cap of $4.22 billion and a P/E ratio of -2.79. The company’s 50 day moving average price is $15.66 and its 200 day moving average price is $12.73. Core Scientific has a 52-week low of $2.61 and a 52-week high of $18.63.

Insider Activity

In other news, insider Todd M. Duchene sold 25,000 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total transaction of $427,500.00. Following the completion of the transaction, the insider now owns 1,661,474 shares of the company’s stock, valued at approximately $28,411,205.40. The trade was a 1.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the completion of the transaction, the chief executive officer now owns 4,128,505 shares in the company, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 348,241 shares of company stock worth $5,436,802. 32.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

A number of large investors have recently modified their holdings of CORZ. Sunbelt Securities Inc. purchased a new stake in Core Scientific in the second quarter worth approximately $33,000. Divisadero Street Capital Management LP purchased a new stake in shares of Core Scientific in the 2nd quarter valued at $93,000. Rise Advisors LLC grew its holdings in shares of Core Scientific by 14.3% during the 3rd quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock valued at $95,000 after purchasing an additional 1,000 shares during the last quarter. Xponance Inc. purchased a new position in Core Scientific in the 2nd quarter worth $104,000. Finally, Amalgamated Bank purchased a new position in Core Scientific in the 2nd quarter worth $115,000.

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.