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

Intech Investment Management LLC lifted its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 195.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,607 shares of the company’s stock after purchasing 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 institutional investors and hedge funds also recently made changes to their positions in the company. Wellington Shields & Co. LLC bought a new stake in shares of Core Scientific during the 4th quarter valued at about $26,000. First Horizon Advisors Inc. bought a new stake in shares of Core Scientific during the 4th quarter valued at about $34,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific during the 4th quarter valued at about $42,000. Vestcor Inc bought a new stake in shares of Core Scientific during the 4th quarter valued at about $66,000. Finally, US Bancorp DE bought a new stake in shares of Core Scientific during the 4th quarter valued at about $99,000.

Insider Activity at Core Scientific

In other news, Director Jordan Levy acquired 62,500 shares of Core Scientific stock in a transaction 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 completion of the acquisition, the director now owns 306,887 shares in the company, valued at approximately $2,458,164.87. This trade represents a 25.57 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the 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 transaction, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 748,282 shares of company stock valued at $10,978,104. 32.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently commented on CORZ. HC Wainwright restated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Tuesday, March 11th. Craig Hallum initiated coverage on Core Scientific in a research note on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target on the stock. BTIG Research upped their price target on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Keefe, Bruyette & Woods initiated coverage on Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 price target on the stock. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research note on Wednesday, March 12th. Fifteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $19.07.

Core Scientific Trading Down 0.9 %

Shares of CORZ opened at $8.51 on Friday. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of -1.57 and a beta of 6.83. The stock has a 50 day moving average of $11.50 and a 200 day moving average of $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 issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. As a group, equities research analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current 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.