Fred Alger Management LLC Buys New Shares in Core Scientific, Inc. (NASDAQ:CORZ)

Fred Alger Management LLC acquired a new position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 4,413,567 shares of the company's stock, valued at approximately $62,011,000. Fred Alger Management LLC owned about 1.58% of Core Scientific as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CORZ. Wellington Shields & Co. LLC acquired a new position in Core Scientific during the fourth quarter worth $26,000. First Horizon Advisors Inc. acquired a new position in shares of Core Scientific in the 4th quarter valued at $34,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Core Scientific during the fourth quarter worth $42,000. Vestcor Inc purchased a new position in shares of Core Scientific during the 4th quarter worth approximately $66,000. Finally, US Bancorp DE purchased a new position in Core Scientific during the fourth quarter worth about $99,000.

Core Scientific Trading Down 1.4 %

Shares of Core Scientific stock traded down $0.13 during trading on Friday, reaching $9.32. The stock had a trading volume of 7,891,097 shares, compared to its average volume of 13,005,471. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of -1.72 and a beta of 6.66. Core Scientific, Inc. has a 52 week low of $3.46 and a 52 week high of $18.63. The stock has a fifty day moving average price of $7.92 and a two-hundred day moving average price of $12.08.

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, topping 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 revenue for the quarter was down 55.6% on a year-over-year basis. During the same quarter last year, the business posted $0.78 EPS. On average, equities analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on CORZ. HC Wainwright restated a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research note on Tuesday, March 11th. Craig Hallum began coverage on Core Scientific in a report on Tuesday, January 21st. They set a "buy" rating and a $24.00 target price for the company. Keefe, Bruyette & Woods began coverage on Core Scientific in a report on Monday, January 27th. They set an "outperform" rating and a $22.00 price target for the company. Cantor Fitzgerald dropped their price objective on Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a research note on Thursday, February 27th. Finally, Compass Point cut their price target on Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $19.07.

Insider Activity

In other Core Scientific news, Director Todd A. Becker sold 134,250 shares of Core Scientific stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the completion of the transaction, the director now owns 195,687 shares in the company, valued at approximately $2,103,635.25. The trade was a 40.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jordan Levy bought 62,500 shares of the company's stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the completion of 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 disclosure for this purchase can be found here. 1.40% of the stock is currently owned by corporate insiders.

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.