Van ECK Associates Corp Acquires 300,942 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Van ECK Associates Corp boosted its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 22.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,616,944 shares of the company’s stock after buying an additional 300,942 shares during the period. Van ECK Associates Corp owned 0.63% of Core Scientific worth $19,177,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CORZ. Banque Cantonale Vaudoise acquired a new stake in Core Scientific during the 2nd quarter worth about $28,000. Aspect Partners LLC purchased a new position in Core Scientific in the 1st quarter worth approximately $29,000. Sunbelt Securities Inc. purchased a new position in Core Scientific in the 2nd quarter worth approximately $33,000. Rise Advisors LLC purchased a new stake in shares of Core Scientific during the 2nd quarter valued at approximately $65,000. Finally, Divisadero Street Capital Management LP purchased a new stake in shares of Core Scientific during the 2nd quarter valued at approximately $93,000.

Wall Street Analysts Forecast Growth

Several research firms have commented on CORZ. Sanford C. Bernstein restated an “outperform” rating and issued a $17.00 price target on shares of Core Scientific in a research note on Tuesday, September 10th. Compass Point boosted their price target on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 price target on shares of Core Scientific in a research report on Thursday, October 3rd. Jefferies Financial Group initiated coverage on shares of Core Scientific in a report on Monday, October 28th. They issued a “buy” rating and a $19.00 target price for the company. Finally, Needham & Company LLC boosted their price target on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $16.71.

Insiders Place Their Bets

In related news, insider Todd M. Duchene sold 11,582 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $108,986.62. Following the sale, the insider now directly owns 1,686,474 shares in the company, valued at $15,869,720.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $108,986.62. Following the completion of the sale, the insider now owns 1,686,474 shares of the company’s stock, valued at approximately $15,869,720.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Denise Marie Brucia Sterling sold 8,752 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the transaction, the chief financial officer now owns 122,217 shares in the company, valued at approximately $1,150,061.97. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 12,761 shares of company stock valued at $127,080. 32.00% of the stock is currently owned by corporate insiders.

Core Scientific Stock Down 3.3 %

Shares of NASDAQ CORZ opened at $12.60 on Tuesday. The firm’s 50-day moving average is $11.95 and its 200-day moving average is $9.14. Core Scientific, Inc. has a 1 year low of $2.61 and a 1 year high of $14.64.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The company had revenue of $141.10 million for the quarter, compared to analyst estimates of $128.58 million. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. As a group, analysts predict that Core Scientific, Inc. will post 0.81 earnings per share for the current fiscal year.

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.