Core Scientific (NASDAQ:CORZ) Now Covered by Needham & Company LLC

Needham & Company LLC began coverage on shares of Core Scientific (NASDAQ:CORZ) in a research report report published on Wednesday, Marketbeat.com reports. The firm issued a buy rating and a $16.00 price target on the stock.

Several other brokerages also recently weighed in on CORZ. Cantor Fitzgerald reiterated an overweight rating and issued a $20.00 price objective on shares of Core Scientific in a research report on Tuesday. Sanford C. Bernstein started coverage on Core Scientific in a research report on Wednesday, July 10th. They issued an outperform rating and a $17.00 price objective for the company. LADENBURG THALM/SH SH reiterated a buy rating and issued a $14.50 price objective on shares of Core Scientific in a research report on Tuesday, July 2nd. HC Wainwright boosted their price objective on Core Scientific from $11.00 to $15.00 and gave the company a buy rating in a research report on Wednesday, July 10th. Finally, BTIG Research boosted their price objective on Core Scientific from $10.00 to $15.00 and gave the company a buy rating in a research report on Wednesday, June 26th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of Buy and an average target price of $14.88.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $9.32 on Wednesday. The business has a 50 day moving average of $9.99 and a 200 day moving average of $6.47. Core Scientific has a 1-year low of $2.61 and a 1-year high of $12.25.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The company had revenue of $141.10 million during the quarter, compared to the consensus estimate of $128.58 million. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. Equities analysts predict that Core Scientific will post 0.01 EPS for the current year.

Insider Activity

In other news, insider Todd M. Duchene sold 3,770 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $9.99, for a total transaction of $37,662.30. Following the transaction, the insider now directly owns 393,428 shares of the company’s stock, valued at $3,930,345.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Todd M. Duchene sold 3,770 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $9.99, for a total transaction of $37,662.30. Following the transaction, the insider now directly owns 393,428 shares of the company’s stock, valued at $3,930,345.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $82,356.32. Following the completion of the sale, the chief financial officer now directly owns 122,217 shares in the company, valued at $1,150,061.97. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 10,521 shares of company stock valued at $102,328 and have sold 31,425 shares valued at $297,749. Insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise purchased a new stake in Core Scientific in the second quarter worth $28,000. Sunbelt Securities Inc. purchased a new stake in Core Scientific in the second quarter worth $33,000. Rise Advisors LLC purchased a new stake in Core Scientific in the second quarter worth $65,000. Aspect Partners LLC purchased a new stake in Core Scientific in the first quarter worth $29,000. Finally, Hexagon Capital Partners LLC purchased a new stake in Core Scientific in the first quarter worth $34,000.

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.