CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Acquires New Shares in Core Scientific, Inc. (NASDAQ:CORZ)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new position in Core Scientific, Inc. (NASDAQ:CORZ) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 280,000 shares of the company’s stock, valued at approximately $3,321,000.

A number of other hedge funds also recently added to or reduced their stakes in CORZ. Barings LLC bought a new stake in shares of Core Scientific in the 1st quarter worth $36,515,000. ORG Wealth Partners LLC acquired a new stake in Core Scientific in the 3rd quarter valued at about $106,266,000. Vanguard Group Inc. bought a new position in shares of Core Scientific during the 1st quarter valued at about $21,973,000. Kensico Capital Management Corp acquired a new position in shares of Core Scientific in the 1st quarter worth approximately $18,513,000. Finally, Van ECK Associates Corp bought a new stake in shares of Core Scientific in the 2nd quarter worth approximately $12,239,000.

Insider Buying and Selling

In related news, Director Jarrod M. Patten acquired 5,021 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the purchase, the director now owns 285,760 shares in the company, valued at approximately $2,766,156.80. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Jarrod M. Patten acquired 5,021 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of $9.68 per share, with a total value of $48,603.28. Following the completion of the acquisition, the director now owns 285,760 shares in the company, valued at $2,766,156.80. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $108,986.62. Following the completion of the sale, the insider now directly owns 1,686,474 shares in the company, valued at approximately $15,869,720.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders acquired 12,761 shares of company stock valued at $127,080 over the last quarter. Corporate insiders own 32.00% of the company’s stock.

Core Scientific Stock Performance

CORZ traded up $0.86 during midday trading on Tuesday, reaching $13.69. The company’s stock had a trading volume of 18,449,148 shares, compared to its average volume of 8,629,793. The company has a fifty day simple moving average of $11.22 and a 200 day simple moving average of $8.40. Core Scientific, Inc. has a twelve month low of $2.61 and a twelve month high of $14.01.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The firm had revenue of $141.10 million for the quarter, compared to the consensus estimate of $128.58 million. The firm’s revenue was up 11.2% on a year-over-year basis. On average, equities analysts forecast that Core Scientific, Inc. will post 0.01 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CORZ shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 price objective on shares of Core Scientific in a research report on Thursday, October 3rd. Sanford C. Bernstein reissued an “outperform” rating and issued a $17.00 target price on shares of Core Scientific in a research report on Tuesday, September 10th. Canaccord Genuity Group reiterated a “buy” rating and set a $16.00 price objective on shares of Core Scientific in a research report on Friday, October 11th. Canaccord Genuity Group started coverage on Core Scientific in a report on Monday, September 23rd. They issued a “buy” rating and a $16.00 target price for the company. Finally, BTIG Research increased their price objective on Core Scientific from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $15.27.

About Core Scientific

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.