Core Scientific, Inc. (NASDAQ:CORZ) Shares Acquired by Senator Investment Group LP

Senator Investment Group LP boosted its position in Core Scientific, Inc. (NASDAQ:CORZ) by 108.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,354,574 shares of the company’s stock after buying an additional 704,574 shares during the quarter. Senator Investment Group LP owned 0.49% of Core Scientific worth $19,032,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Shields & Co. LLC acquired a new position in shares of Core Scientific in the fourth quarter worth about $26,000. First Horizon Advisors Inc. bought a new stake in shares of Core Scientific in the fourth quarter worth $34,000. Newbridge Financial Services Group Inc. acquired a new stake in Core Scientific in the fourth quarter valued at $42,000. Vestcor Inc bought a new position in Core Scientific during the 4th quarter valued at $66,000. Finally, US Bancorp DE acquired a new position in Core Scientific during the 4th quarter worth $99,000.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research report on Wednesday, March 12th. Keefe, Bruyette & Woods initiated coverage on Core Scientific in a report on Monday, January 27th. They issued an “outperform” rating and a $22.00 price target for the company. HC Wainwright restated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, March 11th. Needham & Company LLC lowered their target price on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Finally, 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 price target on the stock. Fifteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Core Scientific currently has an average rating of “Buy” and a consensus price target of $19.07.

Core Scientific Price Performance

Shares of Core Scientific stock opened at $6.63 on Monday. Core Scientific, Inc. has a 1-year low of $2.88 and a 1-year high of $18.63. The company has a market capitalization of $1.96 billion, a P/E ratio of -1.23 and a beta of 6.80. The business’s fifty day moving average price is $8.81 and its two-hundred day moving average price is $12.55.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping 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, research analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 25,277 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $410,498.48. Following the completion of the sale, the insider now directly owns 2,023,423 shares in the company, valued at $32,860,389.52. This represents a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Adam Taylor Sullivan sold 369,712 shares of Core Scientific stock in a transaction on 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 owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. This trade represents a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 530,041 shares of company stock worth $7,870,352 over the last three months. Corporate insiders own 1.40% of the company’s stock.

Core Scientific 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.