409,804 Shares in Core Scientific, Inc. (NASDAQ:CORZ) Bought by Candelo Capital Management LP

Candelo Capital Management LP purchased a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 409,804 shares of the company’s stock, valued at approximately $5,758,000. Core Scientific comprises about 2.9% of Candelo Capital Management LP’s portfolio, making the stock its 11th biggest holding.

Other hedge funds have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its holdings in Core Scientific by 25.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company’s stock worth $1,378,000 after purchasing an additional 20,000 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Core Scientific by 48.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 437,812 shares of the company’s stock valued at $5,192,000 after acquiring an additional 142,068 shares during the period. FNY Investment Advisers LLC boosted its stake in Core Scientific by 35.8% during the fourth quarter. FNY Investment Advisers LLC now owns 190,747 shares of the company’s stock worth $2,679,000 after acquiring an additional 50,275 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in Core Scientific in the fourth quarter valued at $527,000. Finally, Stephens Inc. AR acquired a new position in shares of Core Scientific during the fourth quarter valued at about $927,000.

Insider Activity

In related news, insider Todd M. Duchene sold 25,277 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $410,498.48. Following the sale, the insider now directly owns 2,023,423 shares of the company’s stock, valued at $32,860,389.52. This represents a 1.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $6,004,122.88. Following the transaction, the chief executive officer now directly owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. This represents a 8.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 529,239 shares of company stock worth $7,857,809. 1.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on CORZ. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research note on Wednesday, March 12th. Compass Point reduced their price target on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Craig Hallum assumed coverage on shares of Core Scientific in a report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price objective on the stock. Keefe, Bruyette & Woods assumed coverage on shares of Core Scientific in a report on Monday, January 27th. They issued an “outperform” rating and a $22.00 target price on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research note on Tuesday, March 11th. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $19.07.

Core Scientific Price Performance

Shares of CORZ opened at $6.92 on Wednesday. The firm has a market cap of $2.04 billion, a PE ratio of -1.28 and a beta of 6.80. Core Scientific, Inc. has a 1 year low of $2.88 and a 1 year high of $18.63. The stock’s fifty day moving average price is $8.58 and its two-hundred day moving average price is $12.47.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million during the quarter, compared to the consensus estimate of $97.07 million. Sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

About Core Scientific

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.