Summit Trail Advisors LLC Invests $357,000 in Core Scientific, Inc. (NASDAQ:CORZ)

Summit Trail Advisors LLC acquired a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 49,335 shares of the company's stock, valued at approximately $357,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CORZ. Xponance Inc. grew its position in Core Scientific by 7.9% during the 4th quarter. Xponance Inc. now owns 12,800 shares of the company's stock worth $180,000 after purchasing an additional 937 shares during the last quarter. Summit Investment Advisors Inc. grew its position in Core Scientific by 6.8% during 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 last quarter. Wellington Shields & Co. LLC purchased a new position in Core Scientific during the 4th quarter worth $26,000. KBC Group NV grew its position in Core Scientific by 34.7% during the 1st quarter. KBC Group NV now owns 10,887 shares of the company's stock worth $79,000 after purchasing an additional 2,805 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in Core Scientific by 12.2% during the 4th quarter. Victory Capital Management Inc. now owns 29,890 shares of the company's stock worth $420,000 after purchasing an additional 3,257 shares during the last quarter.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 60,000 shares of Core Scientific stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total value of $679,800.00. Following the completion of the sale, the insider owned 2,100,102 shares in the company, valued at $23,794,155.66. The trade was a 2.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Yadin Rozov acquired 110,000 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were bought at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the acquisition, the director owned 475,687 shares in the company, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 117,759 shares of company stock worth $1,391,434. Corporate insiders own 1.40% of the company's stock.

Core Scientific Trading Up 2.8%

Shares of NASDAQ:CORZ traded up $0.49 during midday trading on Friday, hitting $18.05. 13,347,625 shares of the stock were exchanged, compared to its average volume of 13,276,961. The company has a 50 day moving average price of $11.70 and a 200-day moving average price of $11.13. Core Scientific, Inc. has a twelve month low of $6.20 and a twelve month high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced 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 firm had revenue of $79.53 million during the quarter, compared to analyst estimates of $92.04 million. During the same period in the previous year, the firm posted $0.78 EPS. The company's revenue for the quarter 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.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CORZ shares. Citigroup started coverage on shares of Core Scientific in a research report on Thursday, May 22nd. They issued an "outperform" rating on the stock. HC Wainwright reissued a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a report on Tuesday, March 11th. Roth Mkm reissued a "buy" rating and issued a $20.00 target price on shares of Core Scientific in a report on Thursday, June 26th. Citizens Jmp raised Core Scientific to a "strong-buy" rating and set a $15.00 target price for the company in a report on Thursday, May 22nd. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a report on Friday, June 27th. Seventeen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $18.35.

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.