Vanguard Group Inc. Increases Stake in Core Scientific, Inc. (NASDAQ:CORZ)

Vanguard Group Inc. boosted its stake in Core Scientific, Inc. (NASDAQ:CORZ) by 54.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 19,378,652 shares of the company’s stock after purchasing an additional 6,819,406 shares during the quarter. Vanguard Group Inc. owned about 0.07% of Core Scientific worth $272,270,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of CORZ. LPL Financial LLC grew its stake in shares of Core Scientific by 42.9% during the 4th quarter. LPL Financial LLC now owns 421,213 shares of the company’s stock valued at $5,918,000 after buying an additional 126,454 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Core Scientific in the fourth quarter valued at $527,000. Sei Investments Co. grew its position in Core Scientific by 2,905.1% during the fourth quarter. Sei Investments Co. now owns 395,075 shares of the company’s stock valued at $5,551,000 after acquiring an additional 381,928 shares during the period. Xponance Inc. increased its stake in Core Scientific by 7.9% during the fourth quarter. Xponance Inc. now owns 12,800 shares of the company’s stock worth $180,000 after acquiring an additional 937 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in shares of Core Scientific by 195.6% in the 4th quarter. Intech Investment Management LLC now owns 78,607 shares of the company’s stock worth $1,104,000 after purchasing an additional 52,014 shares during the period.

Core Scientific Stock Up 0.4 %

Shares of CORZ opened at $7.18 on Friday. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of -1.33 and a beta of 6.80. The business’s 50 day moving average is $10.07 and its two-hundred day moving average is $12.98. Core Scientific, Inc. has a 52-week low of $2.61 and a 52-week high of $18.63.

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

Insider Transactions at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $6,004,122.88. Following the transaction, the chief executive officer now directly owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. This trade represents a 8.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 completion of the transaction, the insider now directly owns 2,023,423 shares of the company’s stock, valued at $32,860,389.52. This trade represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 530,041 shares of company stock valued at $7,870,352. Insiders own 32.00% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Tuesday, March 11th. Needham & Company LLC dropped their price objective on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a report on Monday, January 27th. They set an “outperform” rating and a $22.00 target price on the stock. BTIG Research increased their price target on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, December 16th. Finally, Cantor Fitzgerald cut their price objective 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. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $19.07.

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.