Portolan Capital Management LLC Purchases 473,531 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Portolan Capital Management LLC increased its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 85.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,025,508 shares of the company’s stock after acquiring an additional 473,531 shares during the period. Portolan Capital Management LLC owned about 0.37% of Core Scientific worth $14,408,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of CORZ. Wellington Shields & Co. LLC acquired a new position in Core Scientific in the fourth quarter worth $26,000. First Horizon Advisors Inc. acquired a new position in Core Scientific during the 4th quarter worth about $34,000. Newbridge Financial Services Group Inc. bought a new stake in Core Scientific during the 4th quarter worth about $42,000. Vestcor Inc acquired a new stake in Core Scientific in the 4th quarter valued at about $66,000. Finally, US Bancorp DE bought a new position in shares of Core Scientific in the fourth quarter worth about $99,000.

Analysts Set New Price Targets

Several research firms have recently commented on CORZ. Needham & Company LLC decreased their price target on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Compass Point decreased their price objective on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Craig Hallum initiated coverage on Core Scientific in a research report on Tuesday, January 21st. They set a “buy” rating and a $24.00 target price for the company. BTIG Research raised their price target on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, December 16th. Finally, HC Wainwright reiterated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, March 11th. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $19.07.

Core Scientific Stock Performance

Shares of NASDAQ CORZ opened at $7.07 on Monday. Core Scientific, Inc. has a 52-week low of $2.61 and a 52-week high of $18.63. The stock has a market cap of $2.08 billion, a P/E ratio of -1.31 and a beta of 6.80. The firm has a 50 day moving average price of $9.39 and a 200 day moving average price of $12.73.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.09. The firm had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. Analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In related news, Director Jordan Levy purchased 62,500 shares of Core Scientific stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the acquisition, the director now directly owns 306,887 shares of the company’s stock, valued at $2,458,164.87. This represents a 25.57 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 25,277 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $410,498.48. Following the sale, the insider now owns 2,023,423 shares in the company, valued at approximately $32,860,389.52. The trade was a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 530,041 shares of company stock valued at $7,870,352 over the last 90 days. 32.00% of the stock is owned by company insiders.

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.