Core Scientific’s (CORZ) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Core Scientific (NASDAQ:CORZ) in a research note released on Friday morning,Benzinga reports. Needham & Company LLC currently has a $18.00 price objective on the stock.

Several other analysts have also recently commented on CORZ. Roth Mkm assumed coverage on Core Scientific in a report on Friday, November 15th. They issued a “buy” rating and a $25.50 price target for the company. Roth Capital raised Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. HC Wainwright lifted their price objective on Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. 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 objective for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $20.00 price objective on shares of Core Scientific in a report on Thursday, October 3rd. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $18.46.

Core Scientific Price Performance

CORZ opened at $15.00 on Friday. The business has a 50 day simple moving average of $15.63 and a 200-day simple moving average of $12.81. The stock has a market capitalization of $4.19 billion and a P/E ratio of -2.77. Core Scientific has a 12 month low of $2.61 and a 12 month high of $18.63.

Insider Transactions at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of Core Scientific stock in a transaction 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 sale, the chief executive officer now owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. The trade was a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd M. Duchene sold 129,861 shares of Core Scientific stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,849,220.64. Following the completion of the sale, the insider now directly owns 2,051,649 shares of the company’s stock, valued at approximately $29,215,481.76. This represents a 5.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 348,241 shares of company stock valued at $5,436,802 over the last three months.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently made changes to their positions in CORZ. Red Door Wealth Management LLC grew its position in Core Scientific by 124.3% during the fourth quarter. Red Door Wealth Management LLC now owns 95,378 shares of the company’s stock valued at $1,340,000 after acquiring an additional 52,851 shares during the period. Shikiar Asset Management Inc. lifted its stake in shares of Core Scientific by 27.0% during the fourth quarter. Shikiar Asset Management Inc. now owns 95,250 shares of the company’s stock worth $1,338,000 after purchasing an additional 20,250 shares in the last quarter. FNY Investment Advisers LLC lifted its stake in shares of Core Scientific by 35.8% during the fourth quarter. FNY Investment Advisers LLC now owns 190,747 shares of the company’s stock worth $2,679,000 after purchasing an additional 50,275 shares in the last quarter. ORG Wealth Partners LLC lifted its stake in shares of Core Scientific by 0.3% during the fourth quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock worth $126,262,000 after purchasing an additional 26,649 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Core Scientific by 25.6% during 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 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.