The Manufacturers Life Insurance Company Increases Position in Core Scientific, Inc. (NASDAQ:CORZ)

The Manufacturers Life Insurance Company boosted its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 76.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 113,257 shares of the company's stock after buying an additional 48,929 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Core Scientific were worth $1,343,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CORZ. ORG Wealth Partners LLC purchased a new position in shares of Core Scientific in the third quarter worth about $106,266,000. Charles Schwab Investment Management Inc. lifted its stake in Core Scientific by 44.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,932,462 shares of the company's stock worth $22,919,000 after purchasing an additional 590,946 shares in the last quarter. Van ECK Associates Corp lifted its position in Core Scientific by 22.9% during the third quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company's stock worth $19,177,000 after buying an additional 300,942 shares in the last quarter. Mirabella Financial Services LLP purchased a new position in Core Scientific during the third quarter worth approximately $18,383,000. Finally, Regal Partners Ltd lifted its position in Core Scientific by 71.5% during the third quarter. Regal Partners Ltd now owns 996,551 shares of the company's stock worth $11,819,000 after buying an additional 415,363 shares in the last quarter.

Core Scientific Stock Up 0.5 %

NASDAQ CORZ traded up $0.08 on Wednesday, reaching $15.86. The stock had a trading volume of 8,427,720 shares, compared to its average volume of 9,079,108. The stock has a fifty day moving average price of $14.87 and a two-hundred day moving average price of $11.53. Core Scientific, Inc. has a 12-month low of $2.61 and a 12-month high of $18.63. The firm has a market capitalization of $4.43 billion and a price-to-earnings ratio of -2.92.

Insiders Place Their Bets

In other news, insider Todd M. Duchene sold 25,000 shares of the company's stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $17.10, for a total transaction of $427,500.00. Following the sale, the insider now owns 1,661,474 shares of the company's stock, valued at approximately $28,411,205.40. This represents a 1.48 % 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 Yadin Rozov sold 105,000 shares of the company's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $18.11, for a total value of $1,901,550.00. Following the sale, the director now directly owns 345,239 shares in the company, valued at $6,252,278.29. This represents a 23.32 % decrease in their position. The disclosure for this sale can be found here. Insiders own 32.00% of the company's stock.

Analyst Ratings Changes

CORZ has been the topic of several analyst reports. Needham & Company LLC lifted their price target on Core Scientific from $17.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Macquarie lifted their price target on Core Scientific from $16.00 to $19.00 and gave the stock an "outperform" rating in a report on Thursday, November 14th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $17.00 target price on shares of Core Scientific in a research note on Tuesday, September 10th. Roth Capital raised shares of Core Scientific to a "strong-buy" rating in a research note on Thursday, November 14th. Finally, BTIG Research lifted their price target on shares of Core Scientific from $15.00 to $19.00 and gave the company a "buy" rating in a research report on Friday, November 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $18.38.

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.