Scotia Capital Inc. Reduces Stake in Core Scientific, Inc. (NASDAQ:CORZ)

Scotia Capital Inc. decreased its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 83.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,735 shares of the company's stock after selling 59,993 shares during the period. Scotia Capital Inc.'s holdings in Core Scientific were worth $165,000 as of its most recent filing with the Securities & Exchange Commission.

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

Core Scientific Price Performance

CORZ traded down $0.12 on Monday, reaching $6.51. 1,369,556 shares of the stock were exchanged, compared to its average volume of 12,481,987. The company's 50-day moving average price is $8.81 and its 200 day moving average price is $12.55. The firm has a market capitalization of $1.92 billion, a PE ratio of -1.20 and a beta of 6.80. Core Scientific, Inc. has a fifty-two week low of $2.88 and a fifty-two week high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to analyst estimates of $97.07 million. As a group, equities analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Adam Taylor Sullivan sold 369,712 shares of Core Scientific stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $6,004,122.88. Following the sale, the chief executive officer now directly owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. The trade was a 8.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Todd A. Becker sold 134,250 shares of the firm's 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 completion of the transaction, the director now owns 195,687 shares in the company, valued at $2,103,635.25. The trade was a 40.69 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 530,041 shares of company stock valued at $7,870,352. Company insiders own 1.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research report on Tuesday, March 11th. Keefe, Bruyette & Woods started 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. Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research report on Wednesday, March 12th. 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 report on Thursday, February 27th. Finally, Compass Point reduced their target price on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Fifteen investment 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, the company currently has a consensus rating of "Buy" and an average target price of $19.07.

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.