Fred Alger Management LLC Acquires 2,059,985 Shares of Core Scientific, Inc. $CORZ

Key Points

• Fred Alger Management LLC increased its stake in Core Scientific, Inc. by 46.7% during Q1, owning over 6.4 million shares valued at approximately $46.9 million.
• Other institutional investors, such as State of Wyoming and CWM LLC, also made significant investments, with CWM LLC increasing its holdings by 403.9%.
• Equities analysts have mixed views on Core Scientific, with recent ratings suggesting a shift from buy to hold status and an average price target of $18.32.

Fred Alger Management LLC boosted its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 46.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,473,552 shares of the company's stock after purchasing an additional 2,059,985 shares during the quarter. Fred Alger Management LLC owned about 2.17% of Core Scientific worth $46,869,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. increased its holdings in Core Scientific by 229.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock valued at $272,000 after purchasing an additional 26,135 shares during the last quarter. Summit Trail Advisors LLC bought a new stake in Core Scientific in the first quarter valued at about $357,000. Deutsche Bank AG increased its holdings in Core Scientific by 53.8% in the fourth quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock valued at $2,319,000 after purchasing an additional 57,742 shares during the last quarter. Millennium Management LLC bought a new stake in Core Scientific in the fourth quarter valued at about $1,335,000. Finally, Adage Capital Partners GP L.L.C. bought a new stake in Core Scientific in the first quarter valued at about $7,240,000.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total transaction of $96,134.01. Following the sale, the insider owned 2,049,689 shares in the company, valued at approximately $25,395,646.71. This represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

CORZ has been the subject of a number of research analyst reports. Barclays cut Core Scientific to an "underweight" rating in a research note on Tuesday, July 8th. Roth Capital decreased their target price on Core Scientific from $20.00 to $17.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. JMP Securities reissued a "market perform" rating on shares of Core Scientific in a research note on Tuesday, August 12th. Oppenheimer reissued a "market perform" rating on shares of Core Scientific in a research note on Monday, July 7th. Finally, HC Wainwright reissued a "neutral" rating on shares of Core Scientific in a research note on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $18.39.

Core Scientific Stock Performance

CORZ traded up $0.30 on Friday, hitting $15.85. 8,784,926 shares of the company were exchanged, compared to its average volume of 16,332,495. Core Scientific, Inc. has a 12 month low of $6.20 and a 12 month high of $18.63. The company has a market cap of $4.84 billion, a PE ratio of -28.29 and a beta of 6.59. The stock's fifty day moving average is $14.00 and its 200-day moving average is $11.29.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.03. The company had revenue of $78.63 million for the quarter, compared to the consensus estimate of $82.09 million. The company's revenue was down 44.3% compared to the same quarter last year. As a group, equities research analysts expect that Core Scientific, Inc. will post 0.52 EPS 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.