Envestnet Asset Management Inc. Acquires New Position in Core Scientific, Inc. (NASDAQ:CORZ)

Envestnet Asset Management Inc. bought a new position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 121,501 shares of the company's stock, valued at approximately $1,707,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Wells Fargo & Company MN boosted its holdings in Core Scientific by 41.7% during the 4th quarter. Wells Fargo & Company MN now owns 100,848 shares of the company's stock worth $1,417,000 after acquiring an additional 29,669 shares during the last quarter. Helix Partners Management LP purchased a new position in Core Scientific during the fourth quarter worth about $86,498,000. Arete Wealth Advisors LLC purchased a new position in Core Scientific during the fourth quarter worth about $233,000. Aurelius Capital Management LP bought a new stake in Core Scientific in the 4th quarter worth about $17,942,000. Finally, Trexquant Investment LP purchased a new stake in Core Scientific in the 4th quarter valued at about $5,539,000.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, Director Jordan Levy purchased 62,500 shares of the company's stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the transaction, the director now owns 306,887 shares in the company, valued at $2,458,164.87. The trade was a 25.57 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Todd A. Becker sold 134,250 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.40% of the company's stock.

Core Scientific Stock Performance

NASDAQ CORZ traded up $0.19 during trading hours on Friday, hitting $8.74. The company had a trading volume of 11,662,976 shares, compared to its average volume of 12,870,003. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of -1.62 and a beta of 6.80. Core Scientific, Inc. has a 52 week low of $3.29 and a 52 week high of $18.63. The firm has a 50 day simple moving average of $8.05 and a 200 day simple moving average of $12.22.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced 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 analysts' expectations of $97.07 million. On average, research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Compass Point reduced their target price on Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Cantor Fitzgerald decreased their target price 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. Craig Hallum initiated coverage on Core Scientific in a research note on Tuesday, January 21st. They set a "buy" rating and a $24.00 target price on the stock. Canaccord Genuity Group restated a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research report on Wednesday, March 12th. Finally, Keefe, Bruyette & Woods began coverage on shares of Core Scientific in a research report on Monday, January 27th. They issued an "outperform" rating and a $22.00 price objective on the stock. 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.com, the stock currently has an average rating of "Buy" and an average target price of $19.07.

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.