Fred Alger Management LLC Invests $62.01 Million in Core Scientific, Inc. (NASDAQ:CORZ)

Fred Alger Management LLC acquired a new position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,413,567 shares of the company's stock, valued at approximately $62,011,000. Fred Alger Management LLC owned 1.58% of Core Scientific as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in shares of Core Scientific by 48.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 437,812 shares of the company's stock worth $5,192,000 after buying an additional 142,068 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Core Scientific by 25.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company's stock worth $1,378,000 after buying an additional 20,000 shares during the period. ORG Wealth Partners LLC grew its position in shares of Core Scientific by 0.3% during the 4th quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company's stock worth $126,262,000 after buying an additional 26,649 shares during the period. FNY Investment Advisers LLC grew its position in shares of Core Scientific by 35.8% during the 4th quarter. FNY Investment Advisers LLC now owns 190,747 shares of the company's stock worth $2,679,000 after buying an additional 50,275 shares during the period. Finally, Shikiar Asset Management Inc. grew its position in shares of Core Scientific by 27.0% during the 4th quarter. Shikiar Asset Management Inc. now owns 95,250 shares of the company's stock worth $1,338,000 after buying an additional 20,250 shares during the period.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several brokerages recently issued reports on CORZ. Craig Hallum began coverage on Core Scientific in a research report on Tuesday, January 21st. They issued a "buy" rating and a $24.00 price objective for the company. Canaccord Genuity Group reiterated a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Friday. Keefe, Bruyette & Woods began coverage on Core Scientific in a research report on Monday, January 27th. They issued an "outperform" rating and a $22.00 price objective for the company. Cantor Fitzgerald decreased 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. Finally, Needham & Company LLC decreased their price objective on Core Scientific from $18.00 to $17.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $19.07.

Core Scientific Trading Up 3.3%

Shares of Core Scientific stock traded up $0.33 on Tuesday, reaching $10.21. 5,699,645 shares of the company were exchanged, compared to its average volume of 12,981,067. Core Scientific, Inc. has a one year low of $3.46 and a one year high of $18.63. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of -1.89 and a beta of 6.66. The company has a 50-day moving average of $7.93 and a 200 day moving average of $12.04.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted 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 business had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. During the same quarter last year, the company posted $0.78 EPS. The firm's revenue was down 55.6% on a year-over-year basis. Analysts predict 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.