Core Scientific (NASDAQ:CORZ) Price Target Cut to $21.00 by Analysts at Cantor Fitzgerald

Core Scientific (NASDAQ:CORZ) had its price objective decreased by stock analysts at Cantor Fitzgerald from $24.00 to $21.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 98.30% from the stock’s previous close.

Other analysts have also issued reports about the stock. Roth Mkm assumed coverage on shares of Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 price target on the stock. Macquarie upped their target price on shares of Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Keefe, Bruyette & Woods assumed coverage on Core Scientific in a report on Monday, January 27th. They set an “outperform” rating and a $22.00 price target for the company. Compass Point dropped their price objective on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, HC Wainwright reiterated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research note on Thursday. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $19.07.

Core Scientific Trading Up 5.7 %

Shares of NASDAQ CORZ traded up $0.57 during mid-day trading on Thursday, hitting $10.59. The company had a trading volume of 13,119,415 shares, compared to its average volume of 11,311,490. The firm has a 50-day simple moving average of $13.34 and a two-hundred day simple moving average of $13.28. The company has a market capitalization of $2.96 billion and a PE ratio of -1.97. Core Scientific has a one year low of $2.61 and a one year high of $18.63.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million during the quarter, compared to the consensus estimate of $97.07 million. Sell-side analysts expect that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Core Scientific

A number of institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its position in shares of Core Scientific by 25.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company’s stock worth $1,378,000 after purchasing an additional 20,000 shares during the period. Highland Peak Capital LLC increased its holdings in Core Scientific by 37.9% in the 3rd quarter. Highland Peak Capital LLC now owns 413,584 shares of the company’s stock valued at $4,905,000 after buying an additional 113,584 shares during the period. Mirabella Financial Services LLP bought a new position in Core Scientific in the 3rd quarter valued at about $18,383,000. Van ECK Associates Corp lifted its holdings in shares of Core Scientific by 22.9% during the 3rd quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock worth $19,177,000 after acquiring an additional 300,942 shares during the period. Finally, Capstone Investment Advisors LLC lifted its holdings in shares of Core Scientific by 113.4% during the 3rd quarter. Capstone Investment Advisors LLC now owns 55,000 shares of the company’s stock worth $652,000 after acquiring an additional 29,230 shares during the period.

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.