Compass Point Lowers Price Target for Core Scientific to $20.00

On Tuesday, Compass Point updated its price target for Core Scientific (NASDAQ:CORZ), reducing it from $26.00 to $20.00. Despite this adjustment, the firm has maintained a "buy" rating for the stock. The new price target suggests that there could be a significant upside of approximately 113.56% from the stock's current trading price.

Additionally, other research analysts have recently shared their views on Core Scientific. Jefferies Financial Group initiated coverage of the company on October 28th, giving it a "buy" rating with a price target of $19.00. Keefe, Bruyette & Woods also began coverage on the same day, tagging the stock with an "outperform" rating and a price target of $22.00. Furthermore, Craig Hallum started covering Core Scientific on January 21st, assigning it a "buy" rating along with a target price of $24.00. Needham & Company re-confirmed their "buy" rating on January 17th and set a new price target of $18.00. Roth Capital also upgraded the stock to a "strong-buy" rating on November 14th.

Currently, a total of fifteen analysts have given Core Scientific a "buy" rating, while one analyst has labeled it a "strong buy." According to data from MarketBeat.com, the consensus rating for the stock is "buy", with an average price target of $19.07.

Current Stock Performance

As of Tuesday, shares of Core Scientific were trading down 5.0%, settling at $9.37. The trading volume for the day reached 13,187,121 shares, surpassing the average volume of 10,956,376 shares. Over the past year, the stock has recorded a low point of $2.61 and a high of $18.63. The 50-day moving average price stands at $13.55, while the 200-day moving average shows a price of $13.30. Core Scientific currently boasts a market capitalization of $2.62 billion and a negative price-to-earnings ratio (PE ratio) of -1.73.

Insider Trades

In related news, insider Todd M. Duchene sold 25,277 shares on January 24th for an average price of $16.24, totaling approximately $410,498.48. Post-transaction, Duchene holds 2,023,423 shares valued at around $32,860,389.52, reflecting a decrease of 1.23% in ownership. Additionally, CEO Adam Taylor Sullivan sold 369,712 shares on the same day for a total of $6,004,122.88, resulting in a direct ownership of 3,758,793 shares valued at approximately $61,042,798.32, marking an 8.96% decline in ownership. Insiders have collectively sold 614,032 shares worth $9,534,916 over the past three months, while corporate insiders hold 32.00% of the company's stock.

Institutional Holdings

Recently, several hedge funds have adjusted their positions in Core Scientific. Wellington Shields & Co., LLC acquired a new stake valued at about $26,000 in the fourth quarter. First Horizon Advisors, Inc. and Newbridge Financial Services Group, Inc. also purchased new stakes amounting to approximately $34,000 and $42,000 respectively. Vestcor Inc. and US Bancorp DE also bought stakes worth $66,000 and $99,000, respectively.

About Core Scientific

Core Scientific, Inc. specializes in providing digital asset mining services across North America. The company operates in two primary segments: Mining and Hosting. It delivers blockchain infrastructure and software solutions while running data center mining facilities. In addition, Core Scientific mines digital assets for its own accounts and provides hosting services to major bitcoin miners. Services include deployment, monitoring, troubleshooting, optimization, and maintenance of customers' digital asset mining equipment.

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