Neo Ivy Capital Management Grows Stock Holdings in Core Scientific, Inc. (NASDAQ:CORZ)

Neo Ivy Capital Management raised its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 731.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 135,642 shares of the company's stock after buying an additional 119,324 shares during the quarter. Neo Ivy Capital Management's holdings in Core Scientific were worth $1,905,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. KLP Kapitalforvaltning AS bought a new position in Core Scientific in the fourth quarter worth $527,000. Stephens Inc. AR acquired a new position in Core Scientific in the fourth quarter worth about $927,000. Exchange Traded Concepts LLC lifted its stake in Core Scientific by 27.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 629,329 shares of the company's stock worth $8,842,000 after purchasing an additional 136,212 shares during the period. Van ECK Associates Corp boosted its holdings 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 purchasing an additional 422,774 shares in the last quarter. Finally, Legato Capital Management LLC grew its stake in shares of Core Scientific by 51.9% in the 4th quarter. Legato Capital Management LLC now owns 118,497 shares of the company's stock valued at $1,665,000 after purchasing an additional 40,493 shares during the period.

Insider Transactions at Core Scientific

In other news, Director Todd A. Becker sold 134,250 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the completion of the sale, the director now directly owns 195,687 shares in the company, valued at approximately $2,103,635.25. This represents a 40.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jordan Levy purchased 62,500 shares of Core Scientific stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the acquisition, the director now owns 306,887 shares in the company, valued at $2,458,164.87. This trade represents a 25.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CORZ. JMP Securities began coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They issued a "market outperform" rating and a $15.00 target price on the stock. Citigroup began coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They set an "outperform" rating on the stock. Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a report on Friday, May 9th. Oppenheimer initiated coverage on Core Scientific in a research note on Wednesday, May 14th. They issued an "outperform" rating and a $15.00 price objective on the stock. Finally, Needham & Company LLC restated a "buy" rating and issued a $16.00 price target on shares of Core Scientific in a research note on Friday, May 16th. Eighteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $18.33.

Core Scientific Trading Up 0.2%

Shares of CORZ traded up $0.03 during trading hours on Thursday, reaching $10.81. 3,111,228 shares of the company's stock traded hands, compared to its average volume of 13,279,275. The firm's 50 day simple moving average is $8.48 and its 200-day simple moving average is $11.78. The stock has a market cap of $3.22 billion, a PE ratio of -2.00 and a beta of 6.66. Core Scientific, Inc. has a 12 month low of $4.46 and a 12 month high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share 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 analysts' expectations of $92.04 million. The company's revenue for the quarter was down 55.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.78 EPS. As a group, 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.