Creek Drive Management Group LLC Makes New $1.64 Million Investment in Core Scientific, Inc. $CORZ

Creek Drive Management Group LLC bought a new position in Core Scientific, Inc. (NASDAQ:CORZ) in the 4th quarter, according to its most recent disclosure with the SEC. The firm bought 112,500 shares of the company’s stock, valued at approximately $1,638,000. Core Scientific accounts for approximately 1.1% of Creek Drive Management Group LLC’s investment portfolio, making the stock its 27th largest holding.

A number of other large investors have also recently modified their holdings of the stock. Allworth Financial LP increased its position in shares of Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after buying an additional 950 shares during the period. Larson Financial Group LLC lifted its holdings in Core Scientific by 936.7% in the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after buying an additional 1,686 shares during the period. Osaic Holdings Inc. boosted its position in Core Scientific by 112.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after acquiring an additional 1,066 shares in the last quarter. Danske Bank A S bought a new stake in Core Scientific during the 4th quarter valued at approximately $36,000. Finally, State of Wyoming purchased a new position in shares of Core Scientific during the 4th quarter worth approximately $66,000.

Wall Street Analysts Forecast Growth

CORZ has been the subject of several research reports. Needham & Company LLC increased their target price on Core Scientific from $23.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Freedom Capital upgraded Core Scientific to a “hold” rating in a research report on Monday, June 15th. LADENBURG THALM/SH SH reduced their price target on Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Sanford C. Bernstein reiterated an “outperform” rating and issued a $32.00 price objective on shares of Core Scientific in a report on Wednesday, June 3rd. Finally, Jefferies Financial Group increased their price objective on Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Core Scientific has a consensus rating of “Moderate Buy” and a consensus target price of $29.49.

Core Scientific Stock Performance

Shares of CORZ opened at $29.16 on Friday. The stock has a market cap of $9.27 billion, a PE ratio of -25.58 and a beta of 5.49. Core Scientific, Inc. has a fifty-two week low of $10.93 and a fifty-two week high of $30.46. The firm’s 50-day simple moving average is $23.97 and its two-hundred day simple moving average is $19.26.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to analysts’ expectations of $117.04 million. During the same period last year, the firm earned $1.25 EPS. The business’s revenue was up 44.9% on a year-over-year basis. Equities research analysts predict that Core Scientific, Inc. will post 0.08 EPS for the current year.

Insiders Place Their Bets

In related news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $28.19, for a total transaction of $281,900.00. Following the completion of the transaction, the insider owned 2,058,895 shares of the company’s stock, valued at $58,040,250.05. This trade represents a 0.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 80,000 shares of company stock worth $1,746,300. 1.70% of the stock is owned by company insiders.

Core Scientific Profile

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.