Connective Portfolio Management LLC Makes New Investment in Core Scientific, Inc. $CORZ

Connective Portfolio Management LLC acquired a new stake in Core Scientific, Inc. (NASDAQ:CORZ) during the third quarter, Holdings Channel.com reports. The fund acquired 35,000 shares of the company’s stock, valued at approximately $607,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in CORZ. Tactive Advisors LLC raised its holdings in shares of Core Scientific by 30.7% in the 3rd quarter. Tactive Advisors LLC now owns 19,402 shares of the company’s stock worth $348,000 after acquiring an additional 4,553 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in Core Scientific by 56.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,055,801 shares of the company’s stock worth $18,941,000 after purchasing an additional 380,256 shares in the last quarter. Sanders Morris Harris LLC raised its stake in shares of Core Scientific by 2,786.5% in the third quarter. Sanders Morris Harris LLC now owns 308,855 shares of the company’s stock worth $5,190,000 after purchasing an additional 298,155 shares during the last quarter. Osaic Holdings Inc. raised its stake in shares of Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after purchasing an additional 1,066 shares during the last quarter. Finally, Orion Porfolio Solutions LLC lifted its holdings in shares of Core Scientific by 12.5% in the second quarter. Orion Porfolio Solutions LLC now owns 14,773 shares of the company’s stock valued at $252,000 after purchasing an additional 1,640 shares in the last quarter.

Insider Activity

In other news, Director Eric Stanton Weiss bought 5,000 shares of the stock in a transaction on Tuesday, November 4th. The shares were purchased at an average cost of $21.50 per share, for a total transaction of $107,500.00. Following the completion of the purchase, the director directly owned 226,687 shares in the company, valued at $4,873,770.50. This represents a 2.26% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CORZ shares. Craig Hallum set a $27.00 price target on Core Scientific in a report on Friday, October 31st. Sanford C. Bernstein increased their target price on shares of Core Scientific from $17.00 to $24.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research report on Wednesday, October 8th. UBS Group set a $30.00 price objective on shares of Core Scientific in a research report on Wednesday, October 22nd. Finally, Roth Capital reissued a “buy” rating on shares of Core Scientific in a research report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Core Scientific presently has a consensus rating of “Moderate Buy” and an average target price of $23.18.

Core Scientific Stock Performance

NASDAQ CORZ opened at $15.29 on Friday. The company has a market capitalization of $4.74 billion, a PE ratio of 101.94 and a beta of 6.77. Core Scientific, Inc. has a 52-week low of $6.20 and a 52-week high of $23.63. The company has a 50-day simple moving average of $17.28 and a 200 day simple moving average of $15.76.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Friday, October 24th. The company reported ($0.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.85) by $0.39. The company had revenue of $81.10 million for the quarter, compared to the consensus estimate of $107.18 million. As a group, analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.