Fred Alger Management LLC Boosts Stake in Core Scientific, Inc. $CORZ

by · The Markets Daily

Fred Alger Management LLC grew its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ – Free Report) by 46.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,473,552 shares of the company’s stock after buying an additional 2,059,985 shares during the quarter. Fred Alger Management LLC owned 2.17% of Core Scientific worth $46,869,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. State of Wyoming purchased a new stake in shares of Core Scientific during the 1st quarter valued at $34,000. Emerald Mutual Fund Advisers Trust bought a new position in shares of Core Scientific during the 1st quarter valued at $38,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Core Scientific during the 1st quarter valued at $50,000. CWM LLC grew its holdings in shares of Core Scientific by 403.9% during the 1st quarter. CWM LLC now owns 8,092 shares of the company’s stock valued at $59,000 after purchasing an additional 6,486 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Core Scientific by 1,722.3% during the 1st quarter. GAMMA Investing LLC now owns 8,565 shares of the company’s stock valued at $62,000 after purchasing an additional 8,095 shares during the last quarter.

Insider Buying and Selling

In other news, insider Todd M. Duchene sold 7,759 shares of the business’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total transaction of $96,134.01. Following the sale, the insider owned 2,049,689 shares in the company, valued at approximately $25,395,646.71. The trade was a 0.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on CORZ shares. Barclays lowered shares of Core Scientific to an “underweight” rating in a report on Tuesday, July 8th. Oppenheimer reissued a “market perform” rating on shares of Core Scientific in a report on Monday, July 7th. Roth Mkm reissued a “buy” rating and issued a $20.00 price target on shares of Core Scientific in a report on Thursday, June 26th. Needham & Company LLC lowered shares of Core Scientific from a “moderate buy” rating to a “hold” rating and set a $18.00 price target on the stock. in a report on Thursday, July 10th. Finally, B. Riley lowered shares of Core Scientific from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $18.32.

View Our Latest Report on CORZ

Core Scientific Stock Performance

NASDAQ:CORZ opened at $13.62 on Monday. The company has a 50-day moving average price of $14.20 and a 200-day moving average price of $11.17. Core Scientific, Inc. has a 12 month low of $6.20 and a 12 month high of $18.63. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of -24.32 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ – Get Free Report) last posted its earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.03. The company had revenue of $78.63 million during the quarter, compared to analysts’ expectations of $82.09 million. The firm’s revenue for the quarter was down 44.3% on a year-over-year basis. Equities analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Core Scientific Company Profile

(Free Report)

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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