Senator Investment Group LP Acquires 704,574 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Senator Investment Group LP boosted its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 108.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,354,574 shares of the company's stock after purchasing an additional 704,574 shares during the quarter. Senator Investment Group LP owned approximately 0.49% of Core Scientific worth $19,032,000 as of its most recent filing with the Securities & Exchange Commission.

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

Core Scientific Trading Up 5.8 %

CORZ traded up $0.41 during trading on Thursday, reaching $7.53. The stock had a trading volume of 10,331,010 shares, compared to its average volume of 12,600,508. Core Scientific, Inc. has a one year low of $2.88 and a one year high of $18.63. The stock's 50 day moving average is $8.47 and its two-hundred day moving average is $12.43. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of -1.39 and a beta of 6.80.

Core Scientific (NASDAQ:CORZ - Get Free Report) 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 business had revenue of $94.93 million during the quarter, compared to the consensus estimate of $97.07 million. On average, equities research analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CORZ has been the subject of a number of recent research reports. HC Wainwright restated a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research report on Tuesday, March 11th. Craig Hallum began coverage on shares of Core Scientific in a report on Tuesday, January 21st. They set a "buy" rating and a $24.00 target price on the stock. Needham & Company LLC lowered their price target 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. Cantor Fitzgerald decreased their price objective on Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods initiated coverage on Core Scientific in a research report on Monday, January 27th. They set an "outperform" rating and a $22.00 price target on the stock. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $19.07.

Insider Buying and Selling at Core Scientific

In other news, 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 transaction of $6,004,122.88. Following the transaction, the chief executive officer now owns 3,758,793 shares in the company, valued at $61,042,798.32. This trade represents a 8.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Todd M. Duchene sold 25,277 shares of the company's stock in a transaction 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 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. In the last 90 days, insiders have sold 529,239 shares of company stock worth $7,857,809. Company insiders own 1.40% of the company's stock.

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.