Northern Right Capital Management L.P. Acquires New Stake in Core Scientific, Inc. (NASDAQ:CORZ)

Northern Right Capital Management L.P. bought a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 528,074 shares of the company's stock, valued at approximately $7,419,000. Core Scientific makes up about 2.7% of Northern Right Capital Management L.P.'s investment portfolio, making the stock its 15th largest position. Northern Right Capital Management L.P. owned approximately 0.19% of Core Scientific at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Xponance Inc. grew its holdings in Core Scientific by 7.9% during the 4th quarter. Xponance Inc. now owns 12,800 shares of the company's stock valued at $180,000 after buying an additional 937 shares during the last quarter. Summit Investment Advisors Inc. lifted its position in Core Scientific by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company's stock worth $262,000 after buying an additional 1,185 shares during the period. Wellington Shields & Co. LLC purchased a new position in shares of Core Scientific during the 4th quarter worth about $26,000. First Horizon Advisors Inc. purchased a new position in Core Scientific during the fourth quarter worth approximately $34,000. Finally, Joel Isaacson & Co. LLC increased its holdings in shares of Core Scientific by 4.5% during the 4th quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company's stock worth $815,000 after buying an additional 2,500 shares during the last quarter.

Wall Street Analysts Forecast Growth

CORZ has been the subject of a number of research analyst reports. Craig Hallum began coverage on shares of Core Scientific in a research 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 shares of Core Scientific in a research report on Monday, January 27th. They set an "outperform" rating and a $22.00 target price on the stock. Needham & Company LLC lowered their target price on Core Scientific from $18.00 to $17.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research report on Wednesday, March 12th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a report on Tuesday, March 11th. Fifteen research 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.com, the stock has an average rating of "Buy" and a consensus price target of $19.07.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, Director Jordan Levy bought 62,500 shares of the business's stock in a transaction on Thursday, March 6th. The shares were purchased at an average price of $8.01 per share, with a total value of $500,625.00. Following the purchase, the director now directly 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 acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Todd A. Becker sold 134,250 shares of the business's stock in a transaction on 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 transaction, the director now owns 195,687 shares of the company's stock, valued at $2,103,635.25. This trade represents a 40.69 % decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

Core Scientific Stock Performance

Shares of Core Scientific stock traded up $0.58 on Thursday, reaching $8.68. 9,529,621 shares of the company were exchanged, compared to its average volume of 12,718,148. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of -1.60 and a beta of 6.80. Core Scientific, Inc. has a 1-year low of $2.88 and a 1-year high of $18.63. The company's 50-day moving average is $8.09 and its two-hundred day moving average is $12.28.

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