Kovitz Investment Group Partners LLC Takes $154,000 Position in Core Scientific, Inc. (NASDAQ:CORZ)

Kovitz Investment Group Partners LLC bought a new position in Core Scientific, Inc. (NASDAQ:CORZ) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 10,964 shares of the company’s stock, valued at approximately $154,000.

Several other hedge funds have also bought and sold shares of CORZ. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Core Scientific by 25.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company’s stock valued at $1,378,000 after buying an additional 20,000 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Core Scientific by 48.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 437,812 shares of the company’s stock valued at $5,192,000 after purchasing an additional 142,068 shares during the last quarter. FNY Investment Advisers LLC increased its holdings in Core Scientific by 35.8% during the 4th quarter. FNY Investment Advisers LLC now owns 190,747 shares of the company’s stock worth $2,679,000 after purchasing an additional 50,275 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Core Scientific in the fourth quarter worth approximately $527,000. Finally, Stephens Inc. AR purchased a new position in shares of Core Scientific during the fourth quarter valued at approximately $927,000.

Core Scientific Stock Performance

Shares of Core Scientific stock opened at $8.74 on Friday. The stock has a market capitalization of $2.58 billion, a P/E ratio of -1.62 and a beta of 6.66. Core Scientific, Inc. has a 52-week low of $3.29 and a 52-week high of $18.63. The stock’s 50-day simple moving average is $8.05 and its 200 day simple moving average is $12.22.

Core Scientific (NASDAQ:CORZ) last announced 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 business had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. Equities research analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Todd A. Becker sold 134,250 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jordan Levy acquired 62,500 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was purchased 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. Company insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CORZ. Craig Hallum started coverage on Core Scientific in a research note on Tuesday, January 21st. They set a “buy” rating and a $24.00 price objective on the stock. Cantor Fitzgerald cut their price target on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Wednesday, March 12th. HC Wainwright restated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Tuesday, March 11th. Finally, Keefe, Bruyette & Woods initiated coverage on Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 price target for the company. Fifteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Core Scientific has an average rating of “Buy” and a consensus target price of $19.07.

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.