Core Scientific (NASDAQ:CORZ) Given New $28.00 Price Target at Needham & Company LLC

Core Scientific (NASDAQ:CORZ) had its target price dropped by Needham & Company LLC from $35.00 to $28.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC‘s target price suggests a potential upside of 146.05% from the company’s current price.

Several other equities research analysts also recently weighed in on CORZ. Citigroup reaffirmed a “market outperform” rating on shares of Core Scientific in a research note on Wednesday, October 14th. BTIG Research reissued a “buy” rating and issued a $38.00 price target on shares of Core Scientific in a research report on Thursday, October 15th. UBS Group restated a “market outperform” rating on shares of Core Scientific in a research note on Wednesday, October 14th. Freedom Capital raised Core Scientific from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. Finally, Capital One Financial set a $33.00 price objective on Core Scientific in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Core Scientific presently has an average rating of “Moderate Buy” and a consensus price target of $30.87.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $11.38 on Friday. The stock’s fifty day moving average is $15.80 and its two-hundred day moving average is $19.52. Core Scientific has a 52 week low of $10.59 and a 52 week high of $30.46.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.54. The business had revenue of $232.87 million for the quarter, compared to analysts’ expectations of $196.54 million. Equities research analysts predict that Core Scientific will post -1.36 EPS for the current fiscal year.

Insider Activity at Core Scientific

In related news, insider Todd DuChene sold 10,000 shares of the stock in a transaction on Monday, October 19th. The stock was sold at an average price of $13.87, for a total value of $138,700.00. Following the transaction, the insider owned 1,143,286 shares of the company’s stock, valued at $15,857,376.82. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In the last three months, insiders have acquired 19,000 shares of company stock worth $342,290 and have sold 100,000 shares worth $1,628,600. Insiders own 1.70% of the company’s stock.

Institutional Trading of Core Scientific

A number of institutional investors have recently bought and sold shares of the business. Handelsbanken Fonder AB boosted its stake in Core Scientific by 0.7% in the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company’s stock valued at $2,418,000 after acquiring an additional 700 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Core Scientific by 34.5% during the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock worth $78,000 after purchasing an additional 782 shares in the last quarter. Parallel Advisors LLC increased its position in shares of Core Scientific by 125.0% during the third quarter. Parallel Advisors LLC now owns 1,800 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares in the last quarter. Parkside Financial Bank & Trust increased its position in shares of Core Scientific by 1,371.3% during the second quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock worth $30,000 after purchasing an additional 1,097 shares in the last quarter. Finally, Carronade Capital Management LP increased its position in shares of Core Scientific by 1.1% during the first quarter. Carronade Capital Management LP now owns 101,103 shares of the company’s stock worth $1,513,000 after purchasing an additional 1,103 shares in the last quarter.

About Core Scientific

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.