Comerica Bank Grows Stake in Core Scientific, Inc. (NASDAQ:CORZ)

Comerica Bank grew its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 1.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,001,378 shares of the company's stock after purchasing an additional 50,000 shares during the period. Comerica Bank owned about 1.43% of Core Scientific worth $56,219,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock valued at $272,270,000 after buying an additional 6,819,406 shares during the period. ORG Wealth Partners LLC boosted its stake in shares of Core Scientific by 0.3% during the 4th quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company's stock worth $126,262,000 after acquiring an additional 26,649 shares in the last quarter. FMR LLC increased its stake in shares of 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 purchasing an additional 7,191,428 shares in the last quarter. Two Seas Capital LP increased its stake in shares of Core Scientific by 9.2% in the 4th quarter. Two Seas Capital LP now owns 6,232,888 shares of the company's stock valued at $87,572,000 after purchasing an additional 527,097 shares in the last quarter. Finally, Helix Partners Management LP acquired a new position in Core Scientific in the 4th quarter worth about $86,498,000.

Core Scientific Price Performance

Shares of CORZ traded up $0.19 during mid-day trading on Friday, reaching $8.74. The stock had a trading volume of 11,662,976 shares, compared to its average volume of 12,825,481. Core Scientific, Inc. has a 52-week low of $3.21 and a 52-week high of $18.63. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of -1.62 and a beta of 6.80. The business's fifty day moving average is $8.05 and its 200 day moving average is $12.22.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly 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, sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on CORZ shares. Canaccord Genuity Group restated a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Wednesday, March 12th. Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a research report on Monday, January 27th. They set an "outperform" rating and a $22.00 price objective for the company. Needham & Company LLC dropped 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 report on Thursday, February 27th. HC Wainwright restated a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research report on Tuesday, March 11th. Finally, Cantor Fitzgerald decreased their price target 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. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $19.07.

Insiders Place Their Bets

In related news, Director Todd A. Becker sold 134,250 shares of Core Scientific stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total value of $1,443,187.50. Following the completion of the sale, the director now owns 195,687 shares in the company, valued at approximately $2,103,635.25. This trade represents a 40.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jordan Levy bought 62,500 shares of the business's stock in a transaction on 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 transaction, the director now owns 306,887 shares of the company's stock, valued at $2,458,164.87. This trade represents a 25.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.40% of the stock is owned by 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.