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

Core Scientific (NASDAQ:CORZ) had its price target decreased by analysts at B. Riley Financial from $31.00 to $27.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley Financial‘s target price would indicate a potential upside of 122.46% from the company’s current price.

CORZ has been the subject of several other research reports. Freedom Capital upgraded shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Wolfe Research restated a “buy” rating on shares of Core Scientific in a research note on Wednesday, July 29th. Craig Hallum restated a “buy” rating and set a $25.00 price target on shares of Core Scientific in a research note on Friday. BTIG Research reaffirmed a “buy” rating and issued a $38.00 price target on shares of Core Scientific in a report on Thursday, October 15th. Finally, Keefe, Bruyette & Woods upgraded Core Scientific from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $25.00 to $28.00 in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.32.

Core Scientific Stock Performance

Shares of NASDAQ CORZ opened at $12.14 on Monday. The business’s 50-day simple moving average is $15.68 and its 200-day simple moving average is $19.48. Core Scientific has a 52 week low of $10.59 and a 52 week high of $30.46. The firm has a market cap of $3.90 billion, a price-to-earnings ratio of -3.47 and a beta of 5.56.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Thursday, November 5th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.54. Core Scientific had a negative net margin of 18.31% and a negative return on equity of 64.77%. The firm had revenue of $232.87 million for the quarter, compared to the consensus estimate of $196.54 million. As a group, equities research analysts forecast that Core Scientific will post -1.36 earnings per share for the current year.

Insider Activity at Core Scientific

In related news, Director Eric Weiss acquired 7,000 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was bought at an average cost of $19.19 per share, with a total value of $134,330.00. Following the completion of the acquisition, 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. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Todd DuChene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $13.56, for a total transaction of $135,600.00. Following the transaction, the insider directly owned 1,133,286 shares of the company’s stock, valued at $15,367,358.16. This represents a 0.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have purchased 19,000 shares of company stock valued at $342,290 and have sold 90,000 shares valued at $1,428,900. 1.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE increased its stake in Core Scientific by 412.5% in the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after acquiring an additional 3,868,535 shares during the last quarter. California State Teachers Retirement System lifted its stake in Core Scientific by 22.1% during the first quarter. California State Teachers Retirement System now owns 288,936 shares of the company’s stock worth $4,322,000 after purchasing an additional 52,260 shares during the last quarter. Man Group plc bought a new stake in Core Scientific during the second quarter worth $1,986,000. Wellington Management Group LLP boosted its holdings in shares of Core Scientific by 45.0% in the 2nd quarter. Wellington Management Group LLP now owns 1,123,721 shares of the company’s stock valued at $28,756,000 after purchasing an additional 348,645 shares in the last quarter. Finally, Union Square Park Capital Management LLC acquired a new stake in shares of Core Scientific in the 1st quarter valued at $1,496,000.

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.

Founded in 2017, Core Scientific operates data center sites in several U.S.