Core Scientific, Inc. (NASDAQ:CORZ) Position Boosted by Senator Investment Group LP

Senator Investment Group LP lifted its stake in Core Scientific, Inc. (NASDAQ:CORZ) by 108.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,354,574 shares of the company’s stock after purchasing an additional 704,574 shares during the quarter. Senator Investment Group LP’s holdings in Core Scientific were worth $19,032,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Wellington Shields & Co. LLC acquired a new position in Core Scientific in the 4th quarter valued at approximately $26,000. First Horizon Advisors Inc. purchased a new position in shares of Core Scientific during the 4th quarter valued at $34,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Core Scientific in the fourth quarter worth $42,000. Vestcor Inc purchased a new stake in shares of Core Scientific during the fourth quarter worth $66,000. Finally, US Bancorp DE acquired a new stake in Core Scientific during the fourth quarter valued at $99,000.

Core Scientific Stock Up 0.6 %

CORZ opened at $6.63 on Monday. The stock’s 50 day moving average price is $8.81 and its two-hundred day moving average price is $12.55. The firm has a market capitalization of $1.96 billion, a P/E ratio of -1.23 and a beta of 6.80. Core Scientific, Inc. has a 12-month low of $2.88 and a 12-month high of $18.63.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Cantor Fitzgerald dropped their target price on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Compass Point cut their price objective on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Craig Hallum initiated coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price for the company. Needham & Company LLC cut their price target on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, HC Wainwright reaffirmed a “buy” rating and issued 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 company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $19.07.

Insider Buying and Selling

In other news, insider Todd M. Duchene sold 25,277 shares of Core Scientific stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction 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. The trade was a 1.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jordan Levy purchased 62,500 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $8.01 per share, with a total value of $500,625.00. Following the transaction, the director now directly 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 disclosure for this purchase can be found here. Insiders have sold a total of 530,041 shares of company stock valued at $7,870,352 over the last three months. 1.40% of the stock is owned by corporate insiders.

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.