Compass Point Lowers Core Scientific Price Target to $20.00

Core Scientific, Inc. (NASDAQ:CORZ) recently faced a downward revision of its stock price target by analysts at Compass Point. The new price objective has been reduced from $26.00 to $20.00 in a report published on Tuesday. Along with the price adjustment, Compass Point has maintained a "buy" rating on the stock, indicating potential optimism despite the reduction.

The new target suggests a significant upside of approximately 113.56% from the company's current trading price. This decision by Compass Point reflects their valuation assessments and views concerning Core Scientific's future performance in the market.

Recent Analyst Insights

In addition to Compass Point's update, several other equity research firms have also shown interest in Core Scientific. Jefferies Financial Group initiated coverage on October 28, issuing a "buy" rating for the stock with a price target set at $19.00. Similarly, Keefe, Bruyette & Woods rated Core Scientific as "outperform" with a target price of $22.00. Craig Hallum also has a "buy" rating with a target set at $24.00, while Needham & Company LLC issued a rating and a price target of $18.00 on January 17.

Overall, there are currently fifteen equity research analysts that have rated Core Scientific as a buy, with one analyst offering a strong buy rating. According to MarketBeat.com, the consensus rating is "Buy" with an average target price of $19.07.

Current Stock Performance

On Tuesday, shares of Core Scientific saw a decline of 5%, trading at $9.37. The trading volume for the day reached 13,187,121 shares, which is higher than the average trading volume of 10,956,376 shares. The stock's one-year low has been recorded at $2.61, with a high of $18.63.

Core Scientific's market capitalization stands at approximately $2.62 billion, with a 50-day moving average price of $13.55 and a 200-day moving average price of $13.30. The company's current price-to-earnings (P/E) ratio is -1.73.

Insider Transactions

Recent insider activities have also come to light. Todd M. Duchene, an insider, sold 25,277 shares on January 24 at an average price of $16.24, totaling a value of $410,498.48. Post-transaction, Duchene holds approximately 2,023,423 shares valued at around $32,860,389.52, which represents a decrease of 1.23% in ownership.

Additionally, CEO Adam Taylor Sullivan sold 369,712 shares on the same date, with the transaction value reaching $6,004,122.88. Following this sale, Sullivan directly owns about 3,758,793 shares worth $61,042,798.32, reflecting an 8.96% decline in their ownership stake. Insider sales totaled 614,032 shares worth approximately $9,534,916 over the past three months, with corporate insiders holding 32.00% of core stocks.

Institutional Movements

Several hedge funds have made recent changes to their positions in Core Scientific, signaling institutional interest in the company. New stakes were acquired by Wellington Shields & Co. LLC valued at around $26,000, by First Horizon Advisors Inc. assessed at approximately $34,000, and by Newbridge Financial Services Group Inc. worth about $42,000 in the fourth quarter. Other firms such as Vestcor Inc. and US Bancorp DE also made new acquisitions valued at $66,000 and $99,000 respectively, further diversifying their portfolios with Core Scientific stock.

About Core Scientific

Core Scientific, Inc. offers digital asset mining services primarily in North America, functioning through two main segments: Mining and Hosting. The company provides extensive blockchain infrastructure, software solutions, and related services while operating data center facilities for mining. Core Scientific also engages in mining digital assets for its own account and provides hosting services for other large-scale bitcoin miners.

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