Simplicity Wealth LLC Purchases New Stake in Core Scientific, Inc. (NASDAQ:CORZ)

Simplicity Wealth LLC acquired a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 126,027 shares of the company's stock, valued at approximately $912,000.

Several other institutional investors have also recently made changes to their positions in the company. Xponance Inc. boosted its stake in 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 acquiring an additional 937 shares during the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of Core Scientific by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company's stock worth $262,000 after purchasing an additional 1,185 shares during the period. Wellington Shields & Co. LLC purchased a new position in Core Scientific in the fourth quarter valued at approximately $26,000. First Horizon Advisors Inc. bought a new position in Core Scientific during the fourth quarter valued at $34,000. Finally, Newbridge Financial Services Group Inc. bought a new position in Core Scientific during the fourth quarter valued at $42,000.

Analysts Set New Price Targets

A number of research analysts have recently commented on CORZ shares. Citigroup started coverage on Core Scientific in a research report on Thursday, May 22nd. They set an "outperform" rating on the stock. Citizens Jmp raised shares of Core Scientific to a "strong-buy" rating and set a $15.00 price objective on the stock in a report on Thursday, May 22nd. Oppenheimer started coverage on shares of Core Scientific in a research report on Wednesday, May 14th. They set an "outperform" rating and a $15.00 target price for the company. Needham & Company LLC lifted their target price on shares of Core Scientific from $16.00 to $18.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, HC Wainwright reissued a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research report on Tuesday, March 11th. Eighteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $18.44.

Insider Activity at Core Scientific

In other Core Scientific news, Director Yadin Rozov purchased 110,000 shares of Core Scientific stock in a transaction on Wednesday, May 28th. The shares were acquired at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the transaction, the director now directly owns 475,687 shares of the company's stock, valued at approximately $5,170,717.69. The trade was a 30.08% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Todd M. Duchene sold 60,000 shares of Core Scientific stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total transaction of $679,800.00. Following the transaction, the insider now directly owns 2,100,102 shares in the company, valued at $23,794,155.66. This trade represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by insiders.

Core Scientific Price Performance

Shares of NASDAQ:CORZ traded down $0.11 on Thursday, hitting $12.14. The company's stock had a trading volume of 4,317,312 shares, compared to its average volume of 12,993,571. The company has a 50-day simple moving average of $9.27 and a 200 day simple moving average of $11.45. The company has a market capitalization of $3.62 billion, a PE ratio of -2.24 and a beta of 6.30. Core Scientific, Inc. has a 1 year low of $6.20 and a 1 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, beating the consensus estimate of ($0.12) by $0.02. The company had revenue of $79.53 million for the quarter, compared to analysts' expectations of $92.04 million. During the same quarter last year, the business posted $0.78 EPS. The business's quarterly revenue was down 55.6% compared to the same quarter last year. On average, equities research analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal 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.