Driehaus Capital Management LLC Purchases 5,424,901 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Driehaus Capital Management LLC grew its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 112.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 10,264,204 shares of the company’s stock after purchasing an additional 5,424,901 shares during the quarter. Core Scientific accounts for 1.2% of Driehaus Capital Management LLC’s investment portfolio, making the stock its 10th biggest position. Driehaus Capital Management LLC’s holdings in Core Scientific were worth $144,212,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in Core Scientific by 54.3% during the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after acquiring an additional 6,819,406 shares in the last quarter. Beryl Capital Management LLC increased its holdings in shares of Core Scientific by 24.3% during the fourth quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock valued at $255,423,000 after purchasing an additional 3,548,396 shares during the period. ORG Wealth Partners LLC raised its stake in shares of Core Scientific by 0.3% during the fourth quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock valued at $126,262,000 after purchasing an additional 26,649 shares in the last quarter. FMR LLC lifted its holdings in Core Scientific by 2,937.7% in the fourth quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after purchasing an additional 7,191,428 shares during the period. Finally, Two Seas Capital LP grew its position in Core Scientific by 9.2% in the 4th quarter. Two Seas Capital LP now owns 6,232,888 shares of the company’s stock valued at $87,572,000 after buying an additional 527,097 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Craig Hallum initiated coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price target for the company. Keefe, Bruyette & Woods began coverage on Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 price target for the company. Needham & Company LLC lowered their price target on Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Wednesday, March 12th. Finally, Compass Point dropped their price target on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Fifteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $19.07.

Insiders Place Their Bets

In related news, Director Jordan Levy bought 62,500 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $8.01 per share, with a total value of $500,625.00. Following the purchase, the director now directly owns 306,887 shares of the company’s stock, valued at approximately $2,458,164.87. This represents a 25.57 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Todd A. Becker sold 134,250 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the completion of the transaction, the director now directly owns 195,687 shares in the company, valued at $2,103,635.25. This trade represents a 40.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.

Core Scientific Price Performance

CORZ stock opened at $8.90 on Thursday. The firm has a market capitalization of $2.62 billion, a P/E ratio of -1.65 and a beta of 6.66. Core Scientific, Inc. has a 52-week low of $3.29 and a 52-week high of $18.63. The company’s 50 day simple moving average is $7.94 and its 200-day simple moving average is $12.14.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, May 7th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $1.37. The firm had revenue of $79.53 million for the quarter, compared to analyst estimates of $92.04 million. During the same period last year, the firm earned $0.78 earnings per share. Core Scientific’s revenue for the quarter was down 55.6% compared to the same quarter last year. Sell-side analysts predict that Core Scientific, Inc. will post 0.52 EPS 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.