KLP Kapitalforvaltning AS Takes Position in Core Scientific, Inc. (NASDAQ:CORZ)

KLP Kapitalforvaltning AS purchased a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 37,500 shares of the company's stock, valued at approximately $527,000.

A number of other institutional investors also recently added to or reduced their stakes in CORZ. Intech Investment Management LLC acquired a new stake in Core Scientific in the 3rd quarter valued at $315,000. Charles Schwab Investment Management Inc. lifted its position in Core Scientific by 44.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,932,462 shares of the company's stock worth $22,919,000 after buying an additional 590,946 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Core Scientific by 76.1% during the third quarter. The Manufacturers Life Insurance Company now owns 113,257 shares of the company's stock valued at $1,343,000 after purchasing an additional 48,929 shares during the last quarter. FMR LLC acquired a new stake in shares of Core Scientific in the 3rd quarter valued at $2,903,000. Finally, MetLife Investment Management LLC raised its holdings in Core Scientific by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 103,583 shares of the company's stock worth $1,228,000 after purchasing an additional 58,365 shares during the last quarter.

Insider Activity at Core Scientific

In related 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 value 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd M. Duchene sold 25,277 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction 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. In the last quarter, insiders have sold 530,041 shares of company stock worth $7,870,352. Company insiders own 32.00% of the company's stock.

Remove Ads

Core Scientific Trading Down 7.3 %

Shares of CORZ traded down $0.51 during midday trading on Tuesday, reaching $6.51. The stock had a trading volume of 24,618,108 shares, compared to its average volume of 12,169,648. The firm has a 50 day simple moving average of $9.79 and a 200-day simple moving average of $12.88. The firm has a market cap of $1.92 billion, a PE ratio of -1.20 and a beta of 6.80. Core Scientific, Inc. has a one year low of $2.61 and a one year high of $18.63.

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

Analyst Upgrades and Downgrades

CORZ has been the subject of several recent research reports. Cantor Fitzgerald dropped their target price on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, February 27th. Craig Hallum started coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They issued a "buy" rating and a $24.00 price target on the stock. BTIG Research upped their price objective on Core Scientific from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, December 16th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research note on Wednesday, March 12th. Finally, HC Wainwright reissued a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, March 11th. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $19.07.

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.