Concentric Capital Strategies LP Takes $5.94 Million Position in Core Scientific, Inc. (NASDAQ:CORZ)

Concentric Capital Strategies LP acquired a new position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 422,779 shares of the company's stock, valued at approximately $5,940,000. Concentric Capital Strategies LP owned approximately 0.15% of Core Scientific as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of CORZ. Wellington Shields & Co. LLC bought a new stake in shares of Core Scientific during the 4th quarter valued at about $26,000. First Horizon Advisors Inc. bought a new stake in shares of Core Scientific during the 4th quarter valued at about $34,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific during the 4th quarter valued at about $42,000. Vestcor Inc bought a new stake in shares of Core Scientific during the 4th quarter valued at about $66,000. Finally, US Bancorp DE bought a new stake in shares of Core Scientific during the 4th quarter valued at about $99,000.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CORZ. HC Wainwright reiterated a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, March 11th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a report on Friday. Keefe, Bruyette & Woods initiated coverage on Core Scientific in a report on Monday, January 27th. They set an "outperform" rating and a $22.00 price objective on the stock. Cantor Fitzgerald cut their target price on Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday, February 27th. Finally, Craig Hallum began coverage on Core Scientific in a research report on Tuesday, January 21st. They issued a "buy" rating and a $24.00 price objective on the stock. Fifteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Core Scientific has a consensus rating of "Buy" and an average price target of $19.07.

Insider Buying and Selling at Core Scientific

In other news, Director Jordan Levy acquired 62,500 shares of Core Scientific stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the purchase, the director now directly owns 306,887 shares in the company, valued at $2,458,164.87. This trade represents a 25.57% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd A. Becker sold 134,250 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $10.75, for a total value 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. This trade represents a 40.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

Core Scientific Stock Up 6.7%

Shares of NASDAQ CORZ traded up $0.63 during mid-day trading on Monday, reaching $9.95. 6,692,833 shares of the company were exchanged, compared to its average volume of 12,982,967. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of -1.83 and a beta of 6.66. Core Scientific, Inc. has a 1 year low of $3.46 and a 1 year high of $18.63. The firm has a 50-day moving average of $7.92 and a 200 day moving average of $12.06.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.02. The company had revenue of $79.53 million for the quarter, compared to analysts' expectations of $92.04 million. The company's revenue for the quarter was down 55.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.78 earnings per share. On average, equities analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

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.