Intech Investment Management LLC Buys 52,014 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Intech Investment Management LLC lifted its stake in Core Scientific, Inc. (NASDAQ:CORZ) by 195.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,607 shares of the company’s stock after acquiring an additional 52,014 shares during the period. Intech Investment Management LLC’s holdings in Core Scientific were worth $1,104,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Wellington Shields & Co. LLC bought a new position in shares of Core Scientific in the fourth quarter worth $26,000. First Horizon Advisors Inc. bought a new position in shares of Core Scientific in the fourth quarter worth $34,000. Newbridge Financial Services Group Inc. bought a new position in shares of Core Scientific in the fourth quarter worth $42,000. Vestcor Inc bought a new position in shares of Core Scientific in the fourth quarter worth $66,000. Finally, US Bancorp DE bought a new position in shares of Core Scientific in the fourth quarter worth $99,000.

Core Scientific Trading Down 0.9 %

CORZ opened at $8.51 on Friday. The company has a market cap of $2.50 billion, a P/E ratio of -1.57 and a beta of 6.83. The business’s 50-day moving average price is $11.50 and its 200-day moving average price is $13.16. Core Scientific, Inc. has a 12 month low of $2.61 and a 12 month high of $18.63.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a report on Wednesday, March 12th. Craig Hallum assumed coverage on Core Scientific in a research note on Tuesday, January 21st. They set a “buy” rating and a $24.00 price objective for the company. Keefe, Bruyette & Woods assumed coverage on Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 price objective for the company. BTIG Research lifted their price objective on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Finally, HC Wainwright reissued a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, March 11th. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Core Scientific currently has an average rating of “Buy” and a consensus price target of $19.07.

Insider Transactions at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of Core Scientific 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 transaction, the chief executive officer now owns 4,128,505 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Todd M. Duchene sold 129,861 shares of the firm’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 $1,849,220.64. Following the completion of the sale, the insider now directly owns 2,051,649 shares in the company, valued at $29,215,481.76. The trade was a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 748,282 shares of company stock worth $10,978,104. Company insiders own 32.00% of the company’s stock.

About Core Scientific

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.