DeepCurrents Investment Group LLC Sells 46,647 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

DeepCurrents Investment Group LLC lowered its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 24.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 140,924 shares of the company's stock after selling 46,647 shares during the period. DeepCurrents Investment Group LLC owned approximately 0.05% of Core Scientific worth $1,980,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its stake in Core Scientific by 25.6% in the 4th 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 in the last quarter. JPMorgan Chase & Co. increased its position in shares of Core Scientific by 48.0% during the third 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 position in shares of Core Scientific by 35.8% during the 4th quarter. FNY Investment Advisers LLC now owns 190,747 shares of the company's stock worth $2,679,000 after buying an additional 50,275 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Core Scientific during the fourth quarter worth $527,000. Finally, Stephens Inc. AR bought a new position in Core Scientific in the fourth quarter worth about $927,000.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CORZ. Needham & Company LLC reduced their price objective on Core Scientific from $18.00 to $17.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Cantor Fitzgerald lowered their price objective on Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a research note on Thursday, February 27th. Craig Hallum assumed coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They set a "buy" rating and a $24.00 price objective for the company. Canaccord Genuity Group reiterated a "buy" rating and set a $17.00 target price on shares of Core Scientific in a report on Friday. Finally, Compass Point dropped 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 report on Tuesday, February 25th. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Core Scientific currently has an average rating of "Buy" and a consensus price target of $19.07.

Insider Activity

In related news, Director Jordan Levy purchased 62,500 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $8.01 per share, with a total value of $500,625.00. Following the completion of the purchase, the director now directly owns 306,887 shares in the company, valued at approximately $2,458,164.87. This represents a 25.57% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Todd A. Becker sold 134,250 shares of Core Scientific stock in a transaction 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 transaction, the director now owns 195,687 shares of the company's stock, valued at $2,103,635.25. The trade was a 40.69% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.40% of the company's stock.

Core Scientific Stock Up 7.2%

Shares of CORZ traded up $0.68 during midday trading on Monday, hitting $10.00. The company's stock had a trading volume of 7,986,137 shares, compared to its average volume of 12,987,166. The company's fifty day simple moving average is $7.92 and its two-hundred day simple moving average is $12.06. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of -1.86 and a beta of 6.66. Core Scientific, Inc. has a one year low of $3.46 and a one year high of $18.63.

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