Ameriprise Financial Inc. Invests $2.95 Million in Core Scientific, Inc. (NASDAQ:CORZ)

Ameriprise Financial Inc. purchased a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 209,969 shares of the company's stock, valued at approximately $2,950,000. Ameriprise Financial Inc. owned approximately 0.08% of Core Scientific as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently made changes to their positions in the company. Comerica Bank increased its position in Core Scientific by 1.3% during the 4th quarter. Comerica Bank now owns 4,001,378 shares of the company's stock worth $56,219,000 after purchasing an additional 50,000 shares in the last quarter. Jericho Capital Asset Management L.P. acquired a new stake in shares of Core Scientific during the 4th quarter worth about $39,240,000. Northern Trust Corp grew its holdings in shares of Core Scientific by 6.7% during the fourth quarter. Northern Trust Corp now owns 1,836,018 shares of the company's stock worth $25,796,000 after buying an additional 114,618 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Core Scientific during the fourth quarter worth about $185,000. Finally, Northern Right Capital Management L.P. acquired a new position in shares of Core Scientific in the fourth quarter valued at approximately $7,419,000.

Insider Transactions at Core Scientific

In related news, Director Jordan Levy acquired 62,500 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $8.01 per share, for a total transaction 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 represents a 25.57% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Todd A. Becker sold 134,250 shares of the firm's 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 completion of the sale, the director now owns 195,687 shares in the company, valued at $2,103,635.25. The trade was 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.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Needham & Company LLC restated a "buy" rating and set a $16.00 target price on shares of Core Scientific in a research report on Friday, May 16th. Cantor Fitzgerald lowered their price objective 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. Compass Point decreased their price target on Core Scientific from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Citigroup began coverage on Core Scientific in a report on Thursday, May 22nd. They issued an "outperform" rating for the company. Finally, JMP Securities initiated coverage on shares of Core Scientific in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $15.00 target price on the stock. Eighteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Core Scientific has a consensus rating of "Buy" and an average target price of $18.33.

Core Scientific Stock Performance

Shares of NASDAQ CORZ traded up $0.05 during trading on Friday, reaching $10.74. The stock had a trading volume of 19,587,009 shares, compared to its average volume of 13,353,504. The stock has a market cap of $3.20 billion, a PE ratio of -1.99 and a beta of 6.66. Core Scientific, Inc. has a one year low of $4.46 and a one year high of $18.63. The firm's 50 day moving average price is $8.50 and its two-hundred day moving average price is $11.74.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results 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 business had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. During the same quarter in the previous year, the firm earned $0.78 EPS. The firm's revenue for the quarter was down 55.6% on a year-over-year basis. On average, research analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

About Core Scientific

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.