Summit Securities Group LLC Has $281,000 Position in Core Scientific, Inc. (NASDAQ:CORZ)

Summit Securities Group LLC lessened its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 80.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,000 shares of the company's stock after selling 80,000 shares during the period. Summit Securities Group LLC's holdings in Core Scientific were worth $281,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CORZ. Vanguard Group Inc. lifted its holdings in Core Scientific by 54.3% in the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock valued at $272,270,000 after acquiring an additional 6,819,406 shares during the last quarter. Rush Island Management LP acquired a new position in shares of Core Scientific in the 3rd quarter worth approximately $32,221,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Core Scientific in the 4th quarter worth approximately $25,752,000. Geode Capital Management LLC lifted its stake in Core Scientific by 26.7% during the third quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company's stock valued at $62,594,000 after purchasing an additional 1,113,285 shares during the last quarter. Finally, Whitefort Capital Management LP boosted its holdings in Core Scientific by 337.1% during the third quarter. Whitefort Capital Management LP now owns 1,147,500 shares of the company's stock worth $13,609,000 after buying an additional 885,000 shares in the last quarter.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CORZ shares. Needham & Company LLC cut their price objective on Core Scientific from $18.00 to $17.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Compass Point cut their target price on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Keefe, Bruyette & Woods initiated coverage on Core Scientific in a research report on Monday, January 27th. They issued an "outperform" rating and a $22.00 target price for the company. Cantor Fitzgerald dropped their price target on Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday, February 27th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research report on Wednesday, March 12th. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $19.07.

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Core Scientific Price Performance

NASDAQ:CORZ traded down $0.82 during trading hours on Thursday, reaching $7.60. The company's stock had a trading volume of 10,693,207 shares, compared to its average volume of 15,867,623. The company has a market cap of $2.24 billion, a price-to-earnings ratio of -1.40 and a beta of 6.83. Core Scientific, Inc. has a one year low of $2.61 and a one year high of $18.63. The business's 50-day moving average is $10.43 and its 200-day moving average is $13.05.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million for the quarter, compared to analyst estimates of $97.07 million. On average, sell-side analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, Director Jordan Levy bought 62,500 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the purchase, the director now directly owns 306,887 shares in the company, valued at $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 link. Also, insider Todd M. Duchene sold 25,277 shares of Core Scientific 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 transaction, the insider now directly owns 2,023,423 shares in the company, valued at approximately $32,860,389.52. This represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 530,041 shares of company stock worth $7,870,352 over the last 90 days. Insiders own 32.00% 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.