Bank of New York Mellon Corp Acquires 321,738 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Bank of New York Mellon Corp increased its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 62.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 834,077 shares of the company’s stock after purchasing an additional 321,738 shares during the quarter. Bank of New York Mellon Corp owned 0.30% of Core Scientific worth $11,719,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. First Horizon Advisors Inc. acquired a new position in shares of Core Scientific in the fourth quarter valued at approximately $34,000. Newbridge Financial Services Group Inc. acquired a new position in Core Scientific in the 4th quarter worth $42,000. KBC Group NV bought a new position in Core Scientific during the 4th quarter worth about $114,000. Villere ST Denis J & Co. LLC bought a new position in Core Scientific during the 4th quarter worth about $140,000. Finally, Duncan Williams Asset Management LLC acquired a new stake in shares of Core Scientific in the 4th quarter valued at about $141,000.

Core Scientific Stock Down 3.2 %

NASDAQ:CORZ opened at $8.66 on Friday. Core Scientific, Inc. has a 12-month low of $2.61 and a 12-month high of $18.63. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of -1.60 and a beta of 6.83. The stock’s 50 day moving average price is $12.21 and its two-hundred day moving average price is $13.21.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $97.07 million. Equities research analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 129,861 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 2,051,649 shares of the company’s stock, valued at approximately $29,215,481.76. This represents a 5.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jordan Levy bought 62,500 shares of the stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the purchase, the director now owns 306,887 shares of the company’s stock, valued at $2,458,164.87. This trade represents a 25.57 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 748,282 shares of company stock worth $10,978,104. 32.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on CORZ. Cantor Fitzgerald reduced their price objective on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. 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. Roth Capital raised shares of Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. BTIG Research increased their target price on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Finally, Macquarie lifted their price target on shares of Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $19.07.

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.