Core Scientific (NASDAQ:CORZ) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Core Scientific (NASDAQ:CORZ) in a report released on Friday,Benzinga reports. They currently have a $18.00 price objective on the stock.

Several other equities research analysts also recently issued reports on CORZ. Roth Mkm started coverage on Core Scientific in a research report on Friday, November 15th. They issued a “buy” rating and a $25.50 price target on the stock. Compass Point raised their target price on Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Canaccord Genuity Group assumed coverage on Core Scientific in a report on Monday, September 23rd. They set a “buy” rating and a $16.00 price target for the company. Macquarie increased their price objective on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Finally, Jefferies Financial Group assumed coverage on shares of Core Scientific in a research report on Monday, October 28th. They set a “buy” rating and a $19.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $18.46.

Core Scientific Trading Up 2.5 %

NASDAQ:CORZ opened at $15.00 on Friday. The firm has a market capitalization of $4.19 billion and a PE ratio of -2.77. Core Scientific has a 1 year low of $2.61 and a 1 year high of $18.63. The firm’s fifty day simple moving average is $15.63 and its 200 day simple moving average is $12.77.

Insider Activity

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was 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 approximately $58,789,911.20. This represents a 2.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Todd M. Duchene sold 25,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total value of $427,500.00. Following the completion of 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. In the last three months, insiders have sold 348,241 shares of company stock worth $5,436,802. Corporate insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Sunbelt Securities Inc. acquired a new stake in shares of Core Scientific in the 2nd quarter valued at $33,000. Rise Advisors LLC lifted its holdings in 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. Divisadero Street Capital Management LP acquired a new position in Core Scientific in the second quarter valued at about $93,000. Arkadios Wealth Advisors bought a new stake in Core Scientific during the third quarter worth about $119,000. Finally, Doliver Advisors LP bought a new stake in Core Scientific during the third quarter worth about $124,000.

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.