Core Scientific (NASDAQ:CORZ) Stock Gets Price Target Reduction from B. Riley Financial

Core Scientific (NASDAQ:CORZ) had its target price decreased by B. Riley Financial from $31.00 to $27.00 in a research note released on Monday,Benzinga reports. B. Riley Financial currently has a buy rating on the stock.

Several other analysts also recently commented on CORZ. Keefe, Bruyette & Woods upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and upped their price target for the company from $25.00 to $28.00 in a research report on Thursday, July 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research report on Thursday, October 15th. Capital One Financial set a $33.00 price objective on shares of Core Scientific in a research report on Thursday, July 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $39.00 price objective on shares of Core Scientific in a research note on Wednesday, October 14th. Finally, Freedom Capital raised shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.32.

Core Scientific Stock Up 11.0%

CORZ opened at $14.57 on Monday. The firm has a market cap of $4.70 billion, a price-to-earnings ratio of 50.50 and a beta of 5.56. Core Scientific has a 52 week low of $10.59 and a 52 week high of $30.46. The business’s 50 day moving average is $15.51 and its two-hundred day moving average is $19.41.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.52. The company had revenue of $232.87 million during the quarter, compared to analysts’ expectations of $196.54 million. Core Scientific had a negative return on equity of 70.05% and a negative net margin of 18.31%. Equities analysts expect that Core Scientific will post 0.08 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction on Monday, October 26th. The stock was sold at an average price of $13.56, for a total transaction of $135,600.00. Following the completion of the sale, the insider directly owned 1,133,286 shares of the company’s stock, valued at $15,367,358.16. This trade represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Eric Weiss acquired 7,000 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was purchased at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the transaction, the director owned 259,262 shares in the company, valued at $4,975,237.78. The trade was a 2.77% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders bought 19,000 shares of company stock worth $342,290 and sold 90,000 shares worth $1,428,900. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently bought and sold shares of the company. Handelsbanken Fonder AB lifted its stake in shares of Core Scientific by 0.7% in the 2nd quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company’s stock worth $2,418,000 after acquiring an additional 700 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Core Scientific by 34.5% in the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock valued at $78,000 after acquiring an additional 782 shares in the last quarter. Parallel Advisors LLC increased its stake 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 acquiring an additional 1,000 shares during the period. Parkside Financial Bank & Trust increased its stake 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 acquiring an additional 1,097 shares during the period. Finally, Carronade Capital Management LP increased its stake 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 acquiring an additional 1,103 shares during the period.

About Core Scientific

Core Scientific, Inc. is a U.S.-based digital infrastructure company that operates data centers and provides computing services. Its business includes mining bitcoin, which involves using specialized computers to help process transactions and secure the Bitcoin network, as well as hosting equipment for third-party mining customers. The company also provides data center infrastructure for high-performance computing workloads, including artificial intelligence applications. Its facilities and services are designed to support the power, cooling, and computing needs of these operations.