Vestcor Inc Acquires New Position in Core Scientific, Inc. (NASDAQ:CORZ)

Vestcor Inc acquired a new stake in Core Scientific, Inc. (NASDAQ:CORZ) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 4,706 shares of the company’s stock, valued at approximately $66,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CORZ. Rush Island Management LP acquired a new position in Core Scientific in the third quarter valued at approximately $32,221,000. Taconic Capital Advisors LP boosted its stake in Core Scientific by 178.7% in the third quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after acquiring an additional 1,742,462 shares during the period. Mirabella Financial Services LLP acquired a new position in Core Scientific in the third quarter valued at approximately $18,383,000. Geode Capital Management LLC boosted its stake in Core Scientific by 26.7% in the third quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock valued at $62,594,000 after acquiring an additional 1,113,285 shares during the period. Finally, Whitefort Capital Management LP boosted its stake in Core Scientific by 337.1% in the third quarter. Whitefort Capital Management LP now owns 1,147,500 shares of the company’s stock valued at $13,609,000 after acquiring an additional 885,000 shares during the period.

Analysts Set New Price Targets

CORZ has been the subject of a number of research reports. Needham & Company LLC decreased their target price on Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Cantor Fitzgerald decreased their target price on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, March 11th. Craig Hallum initiated coverage on Core Scientific in a research report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price objective for the company. Finally, Keefe, Bruyette & Woods initiated coverage on Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 price objective for the company. Fifteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $19.07.

Insider Buying and Selling at Core Scientific

In related news, Director Jordan Levy purchased 62,500 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $8.01 per share, with a total value of $500,625.00. Following the completion of the acquisition, the director now owns 306,887 shares of the company’s stock, valued at approximately $2,458,164.87. This represents a 25.57 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were 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 in the company, valued at $58,789,911.20. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 748,282 shares of company stock valued at $10,978,104. Corporate insiders own 32.00% of the company’s stock.

Core Scientific Price Performance

CORZ opened at $8.02 on Wednesday. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of -1.48 and a beta of 6.83. Core Scientific, Inc. has a 1-year low of $2.61 and a 1-year high of $18.63. The business has a 50 day moving average price of $11.83 and a two-hundred day moving average price of $13.21.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The firm had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. Equities analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

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.