Geode Capital Management LLC Increases Holdings in Core Scientific, Inc. (NASDAQ:CORZ)

Geode Capital Management LLC lifted its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 4.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,532,715 shares of the company's stock after buying an additional 256,142 shares during the quarter. Geode Capital Management LLC owned approximately 1.98% of Core Scientific worth $77,756,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Xponance Inc. lifted its position in Core Scientific by 7.9% during the fourth quarter. Xponance Inc. now owns 12,800 shares of the company's stock valued at $180,000 after purchasing an additional 937 shares during the last quarter. Wellington Shields & Co. LLC bought a new stake in shares of Core Scientific during the 4th quarter worth $26,000. First Horizon Advisors Inc. bought a new position in Core Scientific in the fourth quarter valued at $34,000. Joel Isaacson & Co. LLC raised its position in Core Scientific by 4.5% during the fourth quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company's stock valued at $815,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new stake in Core Scientific during the fourth quarter worth about $42,000.

Insider Transactions at Core Scientific

In other news, Director Jordan Levy acquired 62,500 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the acquisition, the director now directly owns 306,887 shares in the company, valued at approximately $2,458,164.87. The trade was a 25.57 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Todd A. Becker sold 134,250 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total value of $1,443,187.50. Following the sale, the director now 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 530,041 shares of company stock valued at $7,870,352. Insiders own 32.00% of the company's stock.

Wall Street Analyst Weigh In

CORZ has been the subject of a number of recent research reports. Craig Hallum initiated coverage on Core Scientific in a research report on Tuesday, January 21st. They issued a "buy" rating and a $24.00 target price for the company. Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a report on Monday, January 27th. They set an "outperform" rating and a $22.00 target price on the stock. Needham & Company LLC reduced their price objective on Core Scientific from $18.00 to $17.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research note on Wednesday, March 12th. Finally, Cantor Fitzgerald decreased their price target 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. Fifteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $19.07.

Core Scientific Stock Performance

Shares of NASDAQ CORZ traded down $0.20 during mid-day trading on Thursday, hitting $6.39. 2,878,971 shares of the stock traded hands, compared to its average volume of 12,375,084. The company has a market cap of $1.88 billion, a price-to-earnings ratio of -1.18 and a beta of 6.80. The stock has a fifty day moving average price of $9.04 and a 200-day moving average price of $12.61. Core Scientific, Inc. has a 52 week low of $2.61 and a 52 week high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. As a group, sell-side analysts predict 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.