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Corebridge Financial Inc. lowered its position in shares of Core Scientific, Inc. (NASDAQ:CORZ – Free Report) by 7.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 88,672 shares of the company’s stock after selling 6,693 shares during the period. Corebridge Financial Inc.’s holdings in Core Scientific were worth $1,246,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Congress Wealth Management LLC DE bought a new stake in shares of Core Scientific in the 4th quarter worth approximately $219,000. Advantage Alpha Capital Partners LP purchased a new position in shares of Core Scientific in the fourth quarter worth $1,884,000. Vanguard Group Inc. boosted its position 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 buying an additional 6,819,406 shares during the period. LPL Financial LLC grew its holdings in Core Scientific by 42.9% in the 4th quarter. LPL Financial LLC now owns 421,213 shares of the company’s stock worth $5,918,000 after acquiring an additional 126,454 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Core Scientific in the fourth quarter valued at about $527,000.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on CORZ shares. Keefe, Bruyette & Woods initiated 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. Needham & Company LLC reduced their price target 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. Cantor Fitzgerald lowered their price objective 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. HC Wainwright reiterated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a report on Tuesday, March 11th. Finally, Craig Hallum assumed coverage on Core Scientific in a research note on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price for the company. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $19.07.
Check Out Our Latest Stock Analysis on Core Scientific
Insiders Place Their Bets
In other news, Director Todd A. Becker sold 134,250 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total value of $1,443,187.50. Following the transaction, the director now 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jordan Levy bought 62,500 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $8.01 per share, with a total value of $500,625.00. Following the completion of the transaction, the director now directly owns 306,887 shares of the company’s stock, valued at $2,458,164.87. This trade represents a 25.57 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 530,041 shares of company stock valued at $7,870,352. Corporate insiders own 32.00% of the company’s stock.
Core Scientific Price Performance
Shares of Core Scientific stock opened at $7.15 on Friday. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of -1.32 and a beta of 6.80. Core Scientific, Inc. has a 1 year low of $2.61 and a 1 year high of $18.63. The firm’s 50-day moving average is $10.25 and its 200 day moving average is $13.00.
Core Scientific (NASDAQ:CORZ – Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The firm had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. On average, equities analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.
Core Scientific 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.
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