Cetera Investment Advisers Sells 56,974 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Cetera Investment Advisers reduced its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 75.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,407 shares of the company's stock after selling 56,974 shares during the quarter. Cetera Investment Advisers' holdings in Core Scientific were worth $259,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. KLP Kapitalforvaltning AS purchased a new stake in Core Scientific during the fourth quarter valued at $527,000. Stephens Inc. AR purchased a new stake in Core Scientific during the fourth quarter valued at $927,000. Van ECK Associates Corp increased its position in Core Scientific by 26.1% during the fourth quarter. Van ECK Associates Corp now owns 2,039,718 shares of the company's stock valued at $28,658,000 after acquiring an additional 422,774 shares during the last quarter. Legato Capital Management LLC increased its position in Core Scientific by 51.9% during the fourth quarter. Legato Capital Management LLC now owns 118,497 shares of the company's stock valued at $1,665,000 after acquiring an additional 40,493 shares during the last quarter. Finally, New York State Common Retirement Fund increased its position in Core Scientific by 30.7% during the fourth quarter. New York State Common Retirement Fund now owns 187,181 shares of the company's stock valued at $2,630,000 after acquiring an additional 43,915 shares during the last quarter.

Insider Activity

In other Core Scientific news, Director Jordan Levy purchased 62,500 shares of the firm's 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 purchase, the director now owns 306,887 shares of the company's stock, valued at approximately $2,458,164.87. The trade was a 25.57% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Yadin Rozov purchased 110,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were acquired at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the purchase, the director now directly owns 475,687 shares in the company, valued at $5,170,717.69. The trade was a 30.08% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company's stock.

Core Scientific Stock Up 2.6%

Core Scientific stock traded up $0.28 during midday trading on Monday, reaching $10.93. 7,601,919 shares of the stock traded hands, compared to its average volume of 13,391,109. The stock's fifty day moving average is $8.55 and its 200-day moving average is $11.63. Core Scientific, Inc. has a 12 month low of $4.74 and a 12 month high of $18.63. The stock has a market cap of $3.26 billion, a P/E ratio of -2.02 and a beta of 6.66.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. Core Scientific's quarterly revenue was down 55.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.78 earnings per share. On average, equities analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Canaccord Genuity Group restated a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research report on Friday, May 9th. Needham & Company LLC restated a "buy" rating and issued a $16.00 price target on shares of Core Scientific in a research report on Friday, May 16th. Citigroup assumed coverage on Core Scientific in a research report on Thursday, May 22nd. They issued an "outperform" rating for the company. HC Wainwright restated a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research report on Tuesday, March 11th. Finally, JMP Securities assumed coverage on Core Scientific in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $15.00 price target for the company. Eighteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $18.33.

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.