Core Scientific, Inc. (NASDAQ:CORZ) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 3.0% in the fourth quarter, Holdings Channel reports. The firm owned 109,840 shares of the company’s stock after selling 3,417 shares during the period. The Manufacturers Life Insurance Company’s holdings in Core Scientific were worth $1,543,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CORZ. FMR LLC increased its position in shares of Core Scientific by 2,937.7% during the 4th quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after purchasing an additional 7,191,428 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Core Scientific by 54.3% during the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after acquiring an additional 6,819,406 shares during the period. Helix Partners Management LP purchased a new position in Core Scientific during the 4th quarter valued at about $86,498,000. Lord Abbett & CO. LLC purchased a new position in Core Scientific during the 4th quarter valued at about $38,721,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Core Scientific during the 4th quarter valued at about $25,752,000.

Core Scientific Stock Down 1.4%

CORZ stock opened at $9.32 on Monday. The business has a 50 day moving average price of $7.92 and a 200 day moving average price of $12.06. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of -1.72 and a beta of 6.66. Core Scientific, Inc. has a fifty-two week low of $3.46 and a fifty-two week high of $18.63.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The business had revenue of $79.53 million for the quarter, compared to analysts’ expectations of $92.04 million. Core Scientific’s revenue for the quarter was down 55.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.78 EPS. As a group, sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Buying and Selling

In other Core Scientific news, Director Jordan Levy bought 62,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased 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 $2,458,164.87. This trade represents a 25.57% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd A. Becker sold 134,250 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 195,687 shares of the company’s stock, valued at approximately $2,103,635.25. The trade was a 40.69% decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CORZ has been the subject of a number of research analyst reports. Canaccord Genuity Group restated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a report on Friday. 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 report on Thursday, February 27th. Cantor Fitzgerald lowered their target price on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. Keefe, Bruyette & Woods started coverage on Core Scientific in a report on Monday, January 27th. They set an “outperform” rating and a $22.00 target price for the company. Finally, Craig Hallum started coverage on Core Scientific in a research note on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price objective for the company. Fifteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Core Scientific currently has an average rating of “Buy” and an average price target of $19.07.

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.