Wellington Shields Capital Management LLC Acquires New Holdings in Core Scientific, Inc. (NASDAQ:CORZ)

Wellington Shields Capital Management LLC bought a new stake in Core Scientific, Inc. (NASDAQ:CORZ) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 23,700 shares of the company’s stock, valued at approximately $333,000.

Several other hedge funds also recently bought and sold shares of the stock. First Horizon Advisors Inc. acquired a new position in shares of Core Scientific in the 4th quarter worth approximately $34,000. Newbridge Financial Services Group Inc. purchased a new stake in Core Scientific in the fourth quarter valued at approximately $42,000. Vestcor Inc acquired a new position in Core Scientific during the fourth quarter worth $66,000. US Bancorp DE acquired a new stake in shares of Core Scientific in the fourth quarter valued at $99,000. Finally, KBC Group NV purchased a new stake in shares of Core Scientific in the 4th quarter valued at $114,000.

Analyst Ratings Changes

A number of equities analysts recently commented on CORZ shares. Canaccord Genuity Group restated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a report on Wednesday. Needham & Company LLC cut their target price on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Keefe, Bruyette & Woods began coverage on Core Scientific in a research note on Monday, January 27th. They issued an “outperform” rating and a $22.00 price objective on the stock. 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. Finally, 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. 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 MarketBeat, Core Scientific currently has a consensus rating of “Buy” and a consensus target price of $19.07.

Insider Transactions at Core Scientific

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

Core Scientific Price Performance

Shares of CORZ opened at $8.81 on Friday. The firm has a fifty day moving average price of $12.08 and a 200 day moving average price of $13.20. The stock has a market cap of $2.59 billion, a PE ratio of -1.63 and a beta of 6.83. Core Scientific, Inc. has a 1-year low of $2.61 and a 1-year high of $18.63.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.09. The firm had revenue of $94.93 million during the quarter, compared to analysts’ expectations of $97.07 million. As a group, equities analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Core Scientific Company 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.