Fmr LLC Increases Position in Core Scientific, Inc. (NASDAQ:CORZ)

FMR LLC increased its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 2,937.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,436,229 shares of the company's stock after purchasing an additional 7,191,428 shares during the period. FMR LLC owned 2.66% of Core Scientific worth $104,479,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Core Scientific by 25.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company's stock worth $1,378,000 after buying an additional 20,000 shares during the period. JPMorgan Chase & Co. lifted its position in Core Scientific by 48.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 437,812 shares of the company's stock worth $5,192,000 after acquiring an additional 142,068 shares during the period. FNY Investment Advisers LLC grew its stake in Core Scientific by 35.8% during the 4th quarter. FNY Investment Advisers LLC now owns 190,747 shares of the company's stock valued at $2,679,000 after purchasing an additional 50,275 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Core Scientific in the fourth quarter valued at about $527,000. Finally, Stephens Inc. AR acquired a new position in shares of Core Scientific in the fourth quarter valued at about $927,000.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Keefe, Bruyette & Woods started coverage on Core Scientific in a research report on Monday, January 27th. They issued an "outperform" rating and a $22.00 target price on the stock. Compass Point cut their price objective on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. HC Wainwright reissued a "buy" rating and set a $17.00 target price on shares of Core Scientific in a report on Tuesday, March 11th. Cantor Fitzgerald lowered their price target on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, February 27th. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research note on Wednesday, March 12th. Fifteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $19.07.

Insider Activity

In other news, CEO Adam Taylor Sullivan sold 369,712 shares of the business's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the transaction, the chief executive officer now owns 3,758,793 shares of the company's stock, valued at approximately $61,042,798.32. The trade was a 8.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jordan Levy acquired 62,500 shares of the company's stock in a transaction that occurred 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 acquisition, the director now directly owns 306,887 shares of the company's stock, valued at $2,458,164.87. This trade represents a 25.57 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 530,041 shares of company stock worth $7,870,352 over the last three months. Insiders own 1.40% of the company's stock.

Core Scientific Price Performance

CORZ stock traded up $0.04 during trading on Friday, hitting $6.63. The stock had a trading volume of 9,748,300 shares, compared to its average volume of 12,485,531. Core Scientific, Inc. has a twelve month low of $2.86 and a twelve month high of $18.63. The company's 50-day moving average price is $8.81 and its two-hundred day moving average price is $12.54. The stock has a market capitalization 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 quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.09. The firm had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. As a group, sell-side analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

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.