EAM Global Investors LLC Makes New $3.24 Million Investment in Core Scientific, Inc. (NASDAQ:CORZ)

EAM Global Investors LLC purchased a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 230,861 shares of the company's stock, valued at approximately $3,244,000. EAM Global Investors LLC owned approximately 0.08% of Core Scientific at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CORZ. Xponance Inc. raised its position in shares of Core Scientific by 7.9% in the fourth quarter. Xponance Inc. now owns 12,800 shares of the company's stock valued at $180,000 after purchasing an additional 937 shares during the period. Summit Investment Advisors Inc. increased its stake in shares of Core Scientific by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company's stock valued at $262,000 after buying an additional 1,185 shares in the last quarter. Wellington Shields & Co. LLC bought a new position in Core Scientific in the fourth quarter valued at about $26,000. First Horizon Advisors Inc. bought a new position in Core Scientific during the 4th quarter worth approximately $34,000. Finally, Joel Isaacson & Co. LLC increased its position in shares of Core Scientific by 4.5% during the fourth quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company's stock worth $815,000 after acquiring an additional 2,500 shares in the last quarter.

Insiders Place Their Bets

In related news, Director Jordan Levy purchased 62,500 shares of the stock in a transaction dated Thursday, March 6th. The shares were acquired at an average cost of $8.01 per share, with a total value of $500,625.00. Following 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 acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the business's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $6,004,122.88. Following the sale, the chief executive officer now owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. The trade was a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 530,041 shares of company stock worth $7,870,352 over the last three months. Company insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

CORZ has been the topic of a number of recent analyst reports. Needham & Company LLC lowered their price target on Core Scientific from $18.00 to $17.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Craig Hallum began coverage on Core Scientific in a research note on Tuesday, January 21st. They set a "buy" rating and a $24.00 target price for the company. Canaccord Genuity Group restated a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a report on Wednesday, March 12th. Compass Point dropped their price target on Core Scientific from $26.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, February 25th. Finally, Cantor Fitzgerald dropped their price target on Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a research report 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.com, Core Scientific currently has an average rating of "Buy" and a consensus price target of $19.07.

Core Scientific Price Performance

CORZ stock traded down $0.05 during midday trading on Monday, hitting $6.58. 2,959,056 shares of the stock traded hands, compared to its average volume of 12,487,180. Core Scientific, Inc. has a 1-year low of $2.88 and a 1-year high of $18.63. The stock's fifty day simple moving average is $8.81 and its 200-day simple moving average is $12.55. The firm has a market cap of $1.94 billion, a P/E ratio of -1.22 and a beta of 6.80.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to analysts' expectations of $97.07 million. On average, research analysts predict 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.