Occudo Quantitative Strategies LP Acquires New Position in Core Scientific, Inc. (NASDAQ:CORZ)

Occudo Quantitative Strategies LP acquired a new stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 32,155 shares of the company's stock, valued at approximately $452,000.

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

Insider Activity

In other news, Director Todd A. Becker sold 134,250 shares of the business's stock in a transaction on Monday, March 3rd. The shares were 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 directly owns 195,687 shares in the company, valued at $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 available at this link. Also, Director Jordan Levy bought 62,500 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was acquired 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 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 disclosure for this purchase can be found here. 1.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. HC Wainwright reissued a "buy" rating and set a $17.00 target price on shares of Core Scientific in a research report on Tuesday, March 11th. Oppenheimer initiated coverage on Core Scientific in a report on Wednesday, May 14th. They set an "outperform" rating and a $15.00 price objective for the company. Compass Point lowered their price objective on Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Keefe, Bruyette & Woods began coverage on Core Scientific in a research report on Monday, January 27th. They set an "outperform" rating and a $22.00 target price on the stock. Finally, Needham & Company LLC reissued a "buy" rating and issued a $16.00 price target on shares of Core Scientific in a research report on Friday, May 16th. Sixteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $18.75.

Core Scientific Trading Up 2.4%

Shares of CORZ stock traded up $0.27 on Wednesday, hitting $11.19. 5,921,466 shares of the stock were exchanged, compared to its average volume of 13,197,691. The firm's 50 day moving average is $8.16 and its two-hundred day moving average is $11.93. Core Scientific, Inc. has a one year low of $3.85 and a one year high of $18.63. The firm has a market capitalization of $3.33 billion, a PE ratio of -2.07 and a beta of 6.66.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued 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 business had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. During the same quarter in the prior year, the business earned $0.78 EPS. Core Scientific's revenue for the quarter was down 55.6% compared to the same quarter last year. On average, sell-side analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current 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.