Lord Abbett & CO. LLC Takes $38.72 Million Position in Core Scientific, Inc. (NASDAQ:CORZ)

Lord Abbett & CO. LLC bought a new position in Core Scientific, Inc. (NASDAQ:CORZ) during the 4th quarter, Holdings Channel.com reports. The fund bought 2,755,914 shares of the company’s stock, valued at approximately $38,721,000.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a report on Wednesday, March 12th. Compass Point reduced their target price on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Craig Hallum initiated coverage on shares of Core Scientific in a report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price target for the company. 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. Finally, Needham & Company LLC decreased their price objective on Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Fifteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $19.07.

Core Scientific Trading Up 10.4 %

NASDAQ:CORZ opened at $8.31 on Friday. The company has a market cap of $2.45 billion, a price-to-earnings ratio of -1.54 and a beta of 6.80. Core Scientific, Inc. has a twelve month low of $2.88 and a twelve month high of $18.63. The stock has a fifty day simple moving average of $8.29 and a 200-day simple moving average of $12.37.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data 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 analysts’ expectations of $97.07 million. As a group, equities research analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Todd A. Becker sold 134,250 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $10.75, for a total value of $1,443,187.50. Following the completion of the sale, the director now directly owns 195,687 shares of the company’s stock, valued at $2,103,635.25. This represents a 40.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jordan Levy bought 62,500 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were acquired at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the transaction, the director now directly owns 306,887 shares in the company, valued at approximately $2,458,164.87. This trade represents a 25.57 % increase in their position. The disclosure for this purchase can be found here. 1.40% of the stock is owned by 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.