Core Scientific, Inc. (NASDAQ:CORZ) Stake Reduced by Summit Securities Group LLC

Summit Securities Group LLC decreased its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 80.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,000 shares of the company’s stock after selling 80,000 shares during the period. Summit Securities Group LLC’s holdings in Core Scientific were worth $281,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in CORZ. Arrowstreet Capital Limited Partnership bought a new position in shares of Core Scientific in the fourth quarter valued at $25,752,000. Orion Portfolio Solutions LLC purchased a new position in Core Scientific during the fourth quarter valued at approximately $176,000. Pictet Asset Management Holding SA increased its stake in Core Scientific by 49.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 27,193 shares of the company’s stock valued at $382,000 after buying an additional 8,960 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Core Scientific in the 4th quarter worth approximately $241,000. Finally, Banco BTG Pactual S.A. purchased a new position in shares of Core Scientific during the 4th quarter valued at $351,000.

Analysts Set New Price Targets

CORZ has been the subject of a number of research reports. HC Wainwright reissued a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, March 11th. Keefe, Bruyette & Woods started coverage on Core Scientific in a report on Monday, January 27th. They set an “outperform” rating and a $22.00 price target for the company. Needham & Company LLC dropped their price objective on Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Compass Point reduced their target price on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Finally, 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. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $19.07.

Insider Activity at Core Scientific

In other Core Scientific news, Director Todd A. Becker sold 134,250 shares of Core Scientific stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the completion of the sale, the director now owns 195,687 shares of the company’s stock, valued at approximately $2,103,635.25. The trade was a 40.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd M. Duchene sold 129,861 shares of Core Scientific stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the sale, the insider now directly owns 2,051,649 shares of the company’s stock, valued at approximately $29,215,481.76. This trade represents a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 748,282 shares of company stock valued at $10,978,104 in the last three months. Corporate insiders own 32.00% of the company’s stock.

Core Scientific Stock Down 5.1 %

NASDAQ:CORZ opened at $7.48 on Friday. The firm has a 50-day moving average price of $10.89 and a 200 day moving average price of $13.10. The firm has a market capitalization of $2.20 billion, a PE ratio of -1.38 and a beta of 6.83. Core Scientific, Inc. has a 12-month low of $2.61 and a 12-month high of $18.63.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.09. The firm had revenue of $94.93 million during the quarter, compared to the consensus estimate of $97.07 million. On average, research analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current 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.