Core Scientific's (CORZ) "Buy" Rating Reaffirmed at Needham & Company LLC

Core Scientific (NASDAQ:CORZ - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $18.00 price objective on the stock. Needham & Company LLC's price objective points to a potential upside of 20.00% from the company's previous close.

Several other research firms have also issued reports on CORZ. BTIG Research boosted their price target on Core Scientific from $19.00 to $20.00 and gave the company a "buy" rating in a report on Monday, December 16th. Canaccord Genuity Group started coverage on Core Scientific in a research note on Monday, September 23rd. They set a "buy" rating and a $16.00 price objective for the company. Macquarie increased their target price on shares of Core Scientific from $16.00 to $19.00 and gave the stock an "outperform" rating in a report on Thursday, November 14th. Roth Mkm initiated coverage on shares of Core Scientific in a report on Friday, November 15th. They set a "buy" rating and a $25.50 price target on the stock. Finally, Roth Capital raised shares of Core Scientific to a "strong-buy" rating in a research note on Thursday, November 14th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Core Scientific presently has a consensus rating of "Buy" and an average target price of $18.46.

Core Scientific Stock Performance

Shares of Core Scientific stock traded up $0.37 on Friday, hitting $15.00. 8,879,625 shares of the company's stock were exchanged, compared to its average volume of 8,324,011. The stock 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 company has a 50-day simple moving average of $15.63 and a 200-day simple moving average of $12.79.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 25,000 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total transaction of $427,500.00. Following the completion of the transaction, the insider now owns 1,661,474 shares in the company, valued at $28,411,205.40. This trade represents a 1.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction 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 $58,789,911.20. The trade was a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 348,241 shares of company stock valued at $5,436,802.

Institutional Investors Weigh In On Core Scientific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. bought a new stake in shares of Core Scientific in the 2nd quarter worth about $33,000. Divisadero Street Capital Management LP purchased a new stake in Core Scientific in the 2nd quarter worth about $93,000. Rise Advisors LLC lifted its stake in Core Scientific by 14.3% in the third quarter. Rise Advisors LLC now owns 8,000 shares of the company's stock worth $95,000 after purchasing an additional 1,000 shares during the last quarter. Xponance Inc. purchased a new position in shares of Core Scientific during the second quarter valued at approximately $104,000. Finally, Amalgamated Bank purchased a new position in shares of Core Scientific during the second quarter valued at approximately $115,000.

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.