The Manufacturers Life Insurance Company Reduces Stake in Core Scientific, Inc. (NASDAQ:CORZ)

The Manufacturers Life Insurance Company lowered its position in Core Scientific, Inc. (NASDAQ:CORZFree Report) by 3.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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 as of its most recent filing with the Securities & Exchange Commission.

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

Core Scientific Stock Performance

NASDAQ CORZ opened at $9.32 on Monday. The business has a fifty day moving average price of $7.92 and a 200 day moving average price of $12.06. Core Scientific, Inc. has a one year low of $3.46 and a one year high of $18.63. The company has a market cap of $2.75 billion, a P/E ratio of -1.72 and a beta of 6.66.

Core Scientific (NASDAQ:CORZGet Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to analyst estimates of $92.04 million. During the same period in the prior year, the company posted $0.78 earnings per share. The firm’s revenue for the quarter was down 55.6% compared to the same quarter last year. As a group, sell-side analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on CORZ. Cantor Fitzgerald lowered 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. Needham & Company LLC lowered their price objective on Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Craig Hallum began coverage on Core Scientific in a research report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, March 11th. Finally, Keefe, Bruyette & Woods assumed coverage on Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 target price for the company. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Core Scientific currently has a consensus rating of “Buy” and a consensus target price of $19.07.

Get Our Latest Stock Analysis on Core Scientific

Insider Activity at Core Scientific

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

Core Scientific Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Core Scientific (NASDAQ:CORZ)

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