Intech Investment Management LLC Grows Stake in Core Scientific, Inc. (NASDAQ:CORZ)

Intech Investment Management LLC boosted its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 195.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 78,607 shares of the company's stock after acquiring an additional 52,014 shares during the quarter. Intech Investment Management LLC's holdings in Core Scientific were worth $1,104,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Shields & Co. LLC purchased a new stake in Core Scientific in the fourth quarter valued at approximately $26,000. First Horizon Advisors Inc. bought a new position in shares of Core Scientific in the 4th quarter worth $34,000. Joel Isaacson & Co. LLC raised its position in shares of Core Scientific by 4.5% during the 4th quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company's stock valued at $815,000 after buying an additional 2,500 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific during the 4th quarter worth $42,000. Finally, Victory Capital Management Inc. grew its position in Core Scientific by 12.2% in the fourth quarter. Victory Capital Management Inc. now owns 29,890 shares of the company's stock worth $420,000 after acquiring an additional 3,257 shares in the last quarter.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 129,861 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the transaction, the insider now owns 2,051,649 shares of the company's stock, valued at approximately $29,215,481.76. This represents a 5.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jordan Levy purchased 62,500 shares of the business's stock in a transaction on Thursday, March 6th. The shares were purchased at an average price of $8.01 per share, with a total value of $500,625.00. Following the completion of the purchase, the director now owns 306,887 shares in the company, valued at approximately $2,458,164.87. This trade represents a 25.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 748,282 shares of company stock valued at $10,978,104. Insiders own 32.00% of the company's stock.

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Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CORZ. HC Wainwright reaffirmed a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research note on Tuesday, March 11th. Keefe, Bruyette & Woods started coverage on Core Scientific in a research note on Monday, January 27th. They issued an "outperform" rating and a $22.00 target price for the company. Craig Hallum began coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They set a "buy" rating and a $24.00 price target on the stock. Cantor Fitzgerald cut their price objective on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a research note on Thursday, February 27th. Finally, 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. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Core Scientific presently has an average rating of "Buy" and a consensus price target of $19.07.

Core Scientific Stock Performance

Shares of Core Scientific stock traded down $1.03 during trading on Wednesday, hitting $7.63. The company's stock had a trading volume of 23,631,211 shares, compared to its average volume of 11,155,758. Core Scientific, Inc. has a 52 week low of $2.61 and a 52 week high of $18.63. The company has a fifty day simple moving average of $11.31 and a two-hundred day simple moving average of $13.17. The company has a market capitalization of $2.24 billion, a PE ratio of -1.41 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million during the quarter, compared to the consensus estimate of $97.07 million. As a group, analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

About Core Scientific

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.