Portolan Capital Management LLC Grows Stock Position in Core Scientific, Inc. (NASDAQ:CORZ)

Portolan Capital Management LLC boosted its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 85.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,025,508 shares of the company's stock after buying an additional 473,531 shares during the period. Portolan Capital Management LLC owned about 0.37% of Core Scientific worth $14,408,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in CORZ. FMR LLC increased its stake in Core Scientific by 2,937.7% in the 4th quarter. FMR LLC now owns 7,436,229 shares of the company's stock valued at $104,479,000 after buying an additional 7,191,428 shares during the period. Vanguard Group Inc. increased its position in Core Scientific by 54.3% in the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock worth $272,270,000 after purchasing an additional 6,819,406 shares during the last quarter. Helix Partners Management LP purchased a new stake in shares of Core Scientific during the 4th quarter worth about $86,498,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Core Scientific during the 4th quarter worth $25,752,000. Finally, Aurelius Capital Management LP acquired a new position in Core Scientific during the fourth quarter worth $17,942,000.

Core Scientific Stock Up 0.6 %

Shares of NASDAQ:CORZ traded up $0.04 during midday trading on Friday, reaching $6.63. The company had a trading volume of 9,748,300 shares, compared to its average volume of 12,485,531. The business's 50 day moving average price is $8.81 and its 200 day moving average price is $12.54. The stock has a market cap of $1.96 billion, a PE ratio of -1.23 and a beta of 6.80. Core Scientific, Inc. has a 1-year low of $2.86 and a 1-year high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its 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. On average, research analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CORZ. HC Wainwright restated a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, March 11th. Needham & Company LLC lowered their price target on Core Scientific from $18.00 to $17.00 and set a "buy" rating on the stock 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. Craig Hallum began coverage on Core Scientific in a research note on Tuesday, January 21st. They set a "buy" rating and a $24.00 price objective for the company. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research note on Wednesday, March 12th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $19.07.

Insider Activity

In other Core Scientific news, Director Jordan Levy purchased 62,500 shares of the firm's stock in a transaction dated Thursday, March 6th. The shares were bought at an average price of $8.01 per share, for a total transaction of $500,625.00. Following 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Adam Taylor Sullivan sold 369,712 shares of Core Scientific stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. This represents a 8.96 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 530,041 shares of company stock worth $7,870,352. 1.40% of the stock is currently owned by company insiders.

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.