Cantor Fitzgerald Cuts Core Scientific (NASDAQ:CORZ) Price Target to $21.00

Core Scientific (NASDAQ:CORZ) had its price target lowered by stock analysts at Cantor Fitzgerald from $24.00 to $21.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price points to a potential upside of 98.30% from the company’s current price.

Other equities analysts also recently issued reports about the stock. B. Riley boosted their target price on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods assumed coverage on shares of Core Scientific in a research report on Monday, January 27th. They issued an “outperform” rating and a $22.00 price objective for the company. Craig Hallum assumed coverage on Core Scientific in a research report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price objective on the stock. Macquarie boosted their target price on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Finally, BTIG Research raised 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. Fifteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Core Scientific presently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Trading Up 5.7 %

NASDAQ CORZ traded up $0.57 during trading hours on Thursday, reaching $10.59. 13,119,415 shares of the company’s stock were exchanged, compared to its average volume of 11,311,490. The firm has a fifty day moving average of $13.34 and a 200-day moving average of $13.28. Core Scientific has a one year low of $2.61 and a one year high of $18.63. The stock has a market cap of $2.96 billion and a PE ratio of -1.97.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. As a group, research analysts forecast that Core Scientific will post 0.52 EPS for the current year.

Insider Activity at Core Scientific

In other Core Scientific news, CEO Adam Taylor Sullivan sold 88,380 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value 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 approximately $58,789,911.20. The trade was a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd M. Duchene sold 25,277 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $410,498.48. Following the sale, the insider now directly owns 2,023,423 shares in the company, valued at approximately $32,860,389.52. This represents a 1.23 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 614,032 shares of company stock worth $9,534,916. 32.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Neo Ivy Capital Management raised its holdings in shares of Core Scientific by 731.2% during the fourth quarter. Neo Ivy Capital Management now owns 135,642 shares of the company’s stock worth $1,905,000 after acquiring an additional 119,324 shares during the period. Two Seas Capital LP raised its stake in shares of Core Scientific by 9.2% in the 4th quarter. Two Seas Capital LP now owns 6,232,888 shares of the company’s stock valued at $87,572,000 after purchasing an additional 527,097 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Core Scientific by 76.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 394,999 shares of the company’s stock valued at $5,550,000 after purchasing an additional 171,461 shares in the last quarter. Voloridge Investment Management LLC boosted its position in shares of Core Scientific by 4.5% during the fourth quarter. Voloridge Investment Management LLC now owns 4,048,932 shares of the company’s stock worth $56,887,000 after buying an additional 175,587 shares during the period. Finally, Vennlight Capital Management LP bought a new position in shares of Core Scientific during the fourth quarter worth about $6,073,000.

Core Scientific Company Profile

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.