Swiss National Bank Buys 120,500 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Swiss National Bank increased its stake in Core Scientific, Inc. (NASDAQ:CORZ) by 46.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 380,900 shares of the company’s stock after purchasing an additional 120,500 shares during the quarter. Swiss National Bank’s holdings in Core Scientific were worth $5,352,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CORZ. Wealth Enhancement Advisory Services LLC increased its position in shares of Core Scientific by 25.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company’s stock valued at $1,378,000 after buying an additional 20,000 shares during the period. Mirabella Financial Services LLP bought a new stake in Core Scientific during the 3rd quarter worth approximately $18,383,000. Capstone Investment Advisors LLC increased its holdings in Core Scientific by 113.4% during the 3rd quarter. Capstone Investment Advisors LLC now owns 55,000 shares of the company’s stock worth $652,000 after acquiring an additional 29,230 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Core Scientific by 44.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,932,462 shares of the company’s stock worth $22,919,000 after purchasing an additional 590,946 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Core Scientific by 48.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 437,812 shares of the company’s stock valued at $5,192,000 after purchasing an additional 142,068 shares during the period.

Core Scientific Trading Up 9.4 %

Shares of NASDAQ:CORZ opened at $9.31 on Tuesday. Core Scientific, Inc. has a 12-month low of $2.61 and a 12-month high of $18.63. The stock’s 50-day moving average price is $11.41 and its 200-day moving average price is $13.18. The stock has a market capitalization of $2.74 billion, a P/E ratio of -1.72 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million during the quarter, compared to analysts’ expectations of $97.07 million. As a group, research analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CORZ shares. Needham & Company LLC decreased their price target on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Compass Point lowered their price target on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. 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 objective for the company. Cantor Fitzgerald lowered their target price on shares of 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, BTIG Research boosted their price target on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Fifteen research 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.com, Core Scientific has a consensus rating of “Buy” and an average target price of $19.07.

Insider Buying and Selling

In other Core Scientific news, Director Jordan Levy purchased 62,500 shares of Core Scientific stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price 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. This trade represents a 25.57 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,258,531.20. Following the transaction, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 748,282 shares of company stock valued at $10,978,104 over the last three months. 32.00% of the stock is owned by company 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.