Renaissance Technologies LLC Raises Position in Core Scientific, Inc. (NASDAQ:CORZ)

Renaissance Technologies LLC grew its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 53.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,732,738 shares of the company's stock after buying an additional 602,401 shares during the quarter. Renaissance Technologies LLC owned 0.62% of Core Scientific worth $24,345,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CORZ. Craig Hallum started coverage on Core Scientific in a research note on Tuesday, January 21st. They issued a "buy" rating and a $24.00 price target for the company. Cantor Fitzgerald cut their target price on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a research note on Thursday, February 27th. Compass Point decreased their price target on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research report on Wednesday, March 12th. Finally, HC Wainwright reiterated a "buy" rating and set a $17.00 target price on shares of Core Scientific in a report on Tuesday, March 11th. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $19.07.

Core Scientific Stock Up 0.6 %

Shares of NASDAQ CORZ traded up $0.04 during midday trading on Friday, hitting $6.63. The stock had a trading volume of 9,748,300 shares, compared to its average volume of 12,442,390. The business's 50 day moving average is $8.92 and its 200-day moving average is $12.58. Core Scientific, Inc. has a 52 week low of $2.70 and a 52 week high of $18.63. The company has a market cap of $1.96 billion, a P/E ratio of -1.23 and a beta of 6.80.

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

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 25,277 shares of the business's stock in a transaction dated 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 owns 2,023,423 shares of the company's stock, valued at approximately $32,860,389.52. The trade was a 1.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd A. Becker sold 134,250 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the sale, the director now directly owns 195,687 shares in the company, valued at approximately $2,103,635.25. The trade was a 40.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 530,041 shares of company stock valued at $7,870,352 over the last ninety days. 32.00% of the stock is currently owned by corporate insiders.

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.