Driehaus Capital Management LLC Buys 5,424,901 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Driehaus Capital Management LLC boosted its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 112.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,264,204 shares of the company's stock after purchasing an additional 5,424,901 shares during the quarter. Core Scientific comprises about 1.2% of Driehaus Capital Management LLC's holdings, making the stock its 10th biggest position. Driehaus Capital Management LLC owned 3.68% of Core Scientific worth $144,212,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Wellington Shields & Co. LLC bought a new stake in shares of Core Scientific in the fourth quarter valued at approximately $26,000. First Horizon Advisors Inc. bought a new stake in Core Scientific during the 4th quarter worth approximately $34,000. Newbridge Financial Services Group Inc. bought a new stake in Core Scientific during the 4th quarter worth approximately $42,000. Vestcor Inc purchased a new position in Core Scientific in the 4th quarter worth approximately $66,000. Finally, US Bancorp DE purchased a new position in Core Scientific in the 4th quarter worth approximately $99,000.

Insider Activity

In related news, Director Jordan Levy purchased 62,500 shares of Core Scientific 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 completion of the transaction, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Todd A. Becker sold 134,250 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the sale, the director now owns 195,687 shares of the company's stock, valued at $2,103,635.25. This trade represents a 40.69% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.40% of the company's stock.

Core Scientific Price Performance

Shares of CORZ traded up $0.18 during mid-day trading on Tuesday, reaching $10.06. The stock had a trading volume of 4,420,938 shares, compared to its average volume of 12,974,847. Core Scientific, Inc. has a 52-week low of $3.46 and a 52-week high of $18.63. The business's fifty day moving average is $7.93 and its 200 day moving average is $12.04. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of -1.86 and a beta of 6.66.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to analysts' expectations of $92.04 million. During the same period in the prior year, the company posted $0.78 EPS. The company's revenue for the quarter was down 55.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CORZ. Cantor Fitzgerald cut 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. Craig Hallum initiated coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They set a "buy" rating and a $24.00 price target for the company. Needham & Company LLC reduced their price objective on shares of Core Scientific from $18.00 to $17.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Compass Point reduced their price objective 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. Finally, Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a research note on Monday, January 27th. They issued an "outperform" rating and a $22.00 price target for the company. Fifteen 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.com, Core Scientific has a consensus rating of "Buy" and a consensus price target of $19.07.

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.