Northern Trust Corp Grows Position in Core Scientific, Inc. (NASDAQ:CORZ)

Northern Trust Corp increased its holdings in Core Scientific, Inc. (NASDAQ:CORZ) by 6.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,836,018 shares of the company’s stock after acquiring an additional 114,618 shares during the quarter. Northern Trust Corp owned approximately 0.66% of Core Scientific worth $25,796,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC purchased a new stake in Core Scientific in the fourth quarter worth about $185,000. Northern Right Capital Management L.P. purchased a new stake in Core Scientific in the fourth quarter worth about $7,419,000. Lord Abbett & CO. LLC bought a new position in Core Scientific in the fourth quarter worth about $38,721,000. Kovitz Investment Group Partners LLC bought a new position in Core Scientific in the fourth quarter worth about $154,000. Finally, Two Seas Capital LP raised its holdings in Core Scientific by 9.2% in the fourth quarter. Two Seas Capital LP now owns 6,232,888 shares of the company’s stock worth $87,572,000 after purchasing an additional 527,097 shares in the last quarter.

Core Scientific Trading Down 1.4%

Shares of NASDAQ:CORZ opened at $9.32 on Monday. Core Scientific, Inc. has a twelve month low of $3.46 and a twelve month high of $18.63. The company’s 50 day moving average is $7.92 and its 200 day moving average is $12.06. The company has a market cap of $2.75 billion, a PE ratio of -1.72 and a beta of 6.66.

Core Scientific (NASDAQ:CORZ) last issued its quarterly 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 during the quarter, compared to analyst estimates of $92.04 million. During the same quarter last year, the company posted $0.78 EPS. Core Scientific’s quarterly revenue was down 55.6% compared to the same quarter last year. Equities research analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CORZ has been the subject of a number of recent research reports. Cantor Fitzgerald reduced their target price on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. 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. Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific in a report on Monday, January 27th. They issued an “outperform” rating and a $22.00 target price for the company. Craig Hallum initiated coverage on shares of Core Scientific in a report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a report on Tuesday, March 11th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $19.07.

Insider Buying and Selling

In related news, Director Jordan Levy acquired 62,500 shares of the stock in a transaction on Thursday, March 6th. The shares were acquired at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the transaction, the director now owns 306,887 shares in the company, valued at approximately $2,458,164.87. This trade represents a 25.57% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Todd A. Becker sold 134,250 shares of the company’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 completion of the sale, the director now owns 195,687 shares in the company, valued at approximately $2,103,635.25. This represents a 40.69% decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is owned by corporate insiders.

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.