Red Spruce Capital LLC Acquires Shares of 12,713 Core Scientific, Inc. (NASDAQ:CORZ)

Red Spruce Capital LLC bought a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 12,713 shares of the company’s stock, valued at approximately $92,000.

Other hedge funds also recently made changes to their positions in the company. KLP Kapitalforvaltning AS bought a new position in Core Scientific during the 4th quarter worth $527,000. Stephens Inc. AR bought a new position in shares of Core Scientific during the fourth quarter worth about $927,000. Van ECK Associates Corp grew its position in shares of Core Scientific by 26.1% during the fourth quarter. Van ECK Associates Corp now owns 2,039,718 shares of the company’s stock worth $28,658,000 after acquiring an additional 422,774 shares during the last quarter. Legato Capital Management LLC increased its holdings in shares of Core Scientific by 51.9% in the 4th quarter. Legato Capital Management LLC now owns 118,497 shares of the company’s stock worth $1,665,000 after acquiring an additional 40,493 shares during the period. Finally, Deutsche Bank AG boosted its stake in Core Scientific by 53.8% during the 4th quarter. Deutsche Bank AG now owns 165,032 shares of the company’s stock valued at $2,319,000 after purchasing an additional 57,742 shares during the period.

Insider Activity

In other 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 transaction of $1,443,187.50. Following the transaction, the director now owns 195,687 shares in the company, valued at approximately $2,103,635.25. This represents a 40.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jordan Levy purchased 62,500 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the purchase, the director now owns 306,887 shares in the company, valued at $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 currently owned by insiders.

Core Scientific Stock Down 0.8%

NASDAQ CORZ opened at $10.69 on Friday. The firm has a 50-day moving average price of $8.48 and a two-hundred day moving average price of $11.78. Core Scientific, Inc. has a 12-month low of $4.46 and a 12-month high of $18.63. The company has a market capitalization of $3.18 billion, a P/E ratio of -1.98 and a beta of 6.66.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. The firm’s revenue was down 55.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.78 earnings per share. Equities analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $16.00 price target on shares of Core Scientific in a research note on Friday, May 16th. Canaccord Genuity Group restated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a report on Friday, May 9th. Compass Point cut their price objective on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Citizens Jmp raised Core Scientific to a “strong-buy” rating and set a $15.00 target price for the company in a research report on Thursday, May 22nd. Finally, Oppenheimer began coverage on shares of Core Scientific in a research note on Wednesday, May 14th. They set an “outperform” rating and a $15.00 target price for the company. Eighteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $18.33.

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.