Cibc World Markets Corp Takes Position in Core Scientific, Inc. (NASDAQ:CORZ)

Cibc World Markets Corp bought a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 16,691 shares of the company’s stock, valued at approximately $235,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its holdings in Core Scientific by 41.5% in the 3rd quarter. Victory Capital Management Inc. now owns 26,633 shares of the company’s stock worth $316,000 after purchasing an additional 7,814 shares in the last quarter. Natixis Advisors LLC bought a new position in Core Scientific in the third quarter worth about $252,000. Intech Investment Management LLC purchased a new stake in Core Scientific in the third quarter worth about $315,000. Charles Schwab Investment Management Inc. boosted its position in Core Scientific by 44.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,932,462 shares of the company’s stock valued at $22,919,000 after acquiring an additional 590,946 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd raised its position in shares of Core Scientific by 48.8% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 34,786 shares of the company’s stock worth $413,000 after acquiring an additional 11,412 shares in the last quarter.

Core Scientific Price Performance

Core Scientific stock opened at $8.66 on Wednesday. Core Scientific, Inc. has a one year low of $2.61 and a one year high of $18.63. The business’s fifty day moving average is $11.31 and its 200 day moving average is $13.17. The stock has a market capitalization of $2.55 billion, a PE ratio of -1.60 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) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. As a group, sell-side analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 129,861 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the transaction, the insider now directly owns 2,051,649 shares of the company’s stock, valued at approximately $29,215,481.76. The trade was a 5.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the sale, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 748,282 shares of company stock worth $10,978,104. 32.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CORZ shares. Compass Point dropped their price target on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Needham & Company LLC reduced their target price on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. BTIG Research lifted their price target on shares of Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 price objective on the stock. Finally, Craig Hallum began coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They set a “buy” rating and a $24.00 target price for the company. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Core Scientific presently has a consensus rating of “Buy” and a consensus target price of $19.07.

Core Scientific Company 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.