Van ECK Associates Corp Acquires 422,774 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Van ECK Associates Corp grew its holdings in Core Scientific, Inc. (NASDAQ:CORZ) by 26.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,039,718 shares of the company’s stock after acquiring an additional 422,774 shares during the quarter. Van ECK Associates Corp owned 0.73% of Core Scientific worth $28,658,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CORZ. Rush Island Management LP bought a new stake in shares of Core Scientific in the third quarter valued at about $32,221,000. Taconic Capital Advisors LP boosted its position in shares of Core Scientific by 178.7% in the third quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after acquiring an additional 1,742,462 shares during the period. Mirabella Financial Services LLP bought a new stake in shares of Core Scientific in the third quarter valued at about $18,383,000. Geode Capital Management LLC boosted its position in shares of Core Scientific by 26.7% in the third quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock valued at $62,594,000 after acquiring an additional 1,113,285 shares during the period. Finally, Whitefort Capital Management LP boosted its position in shares of Core Scientific by 337.1% in the third quarter. Whitefort Capital Management LP now owns 1,147,500 shares of the company’s stock valued at $13,609,000 after acquiring an additional 885,000 shares during the period.

Insider Activity

In related news, CEO Adam Taylor Sullivan sold 88,380 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20. Following the sale, the chief executive officer now directly owns 4,128,505 shares in the company, valued at $58,789,911.20. This represents a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Todd M. Duchene sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $17.10, for a total value of $427,500.00. Following the completion of the sale, the insider now owns 1,661,474 shares in the company, valued at $28,411,205.40. The trade was a 1.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 744,032 shares of company stock valued at $11,863,966 over the last quarter. 32.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CORZ. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. Roth Mkm began coverage on Core Scientific in a research note on Friday, November 15th. They issued a “buy” rating and a $25.50 price target for the company. Macquarie boosted their price target on Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. BTIG Research boosted their price target on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Finally, Keefe, Bruyette & Woods began coverage on Core Scientific in a research note on Monday, January 27th. They issued 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. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $19.07.

Core Scientific Price Performance

Core Scientific stock opened at $12.51 on Friday. The business has a 50 day moving average of $14.16 and a 200-day moving average of $13.14. Core Scientific, Inc. has a 1 year low of $2.61 and a 1 year high of $18.63. The company has a market capitalization of $3.49 billion and a P/E ratio of -2.31.

Core Scientific Company 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.