The Manufacturers Life Insurance Company Takes Position in Core Scientific, Inc. $CORZ

The Manufacturers Life Insurance Company bought a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 163,347 shares of the company’s stock, valued at approximately $4,180,000. The Manufacturers Life Insurance Company owned approximately 0.05% of Core Scientific as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CORZ. Algert Global LLC lifted its holdings in Core Scientific by 189.8% in the 2nd quarter. Algert Global LLC now owns 364,340 shares of the company’s stock valued at $9,323,000 after acquiring an additional 238,620 shares during the last quarter. Osbon Capital Management LLC bought a new stake in shares of Core Scientific in the 2nd quarter worth approximately $206,000. Sanctuary Advisors LLC bought a new stake in shares of Core Scientific in the 2nd quarter worth approximately $817,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Core Scientific in the 2nd quarter worth approximately $41,951,000. Finally, CFO4Life Group LLC acquired a new stake in Core Scientific during the second quarter valued at approximately $334,000.

Core Scientific Price Performance

Shares of CORZ opened at $16.07 on Wednesday. The company has a 50-day moving average of $21.33 and a two-hundred day moving average of $21.01. The stock has a market cap of $5.16 billion, a price-to-earnings ratio of -3.64 and a beta of 5.50. Core Scientific, Inc. has a one year low of $13.14 and a one year high of $30.46.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. Analysts anticipate that Core Scientific, Inc. will post -1.36 earnings per share for the current year.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, Director Eric Stanton Weiss bought 7,000 shares of Core Scientific stock in a transaction dated Tuesday, August 18th. The stock was bought at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the acquisition, the director directly owned 259,262 shares of the company’s stock, valued at approximately $4,975,237.78. This trade represents a 2.77% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Elizabeth Crain bought 6,000 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was acquired at an average cost of $18.33 per share, with a total value of $109,980.00. Following the transaction, the director owned 71,348 shares of the company’s stock, valued at $1,307,808.84. This trade represents a 9.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold a total of 100,000 shares of company stock valued at $2,360,300 in the last three months. 1.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CORZ has been the subject of a number of research reports. Keefe, Bruyette & Woods upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $25.00 to $28.00 in a report on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a report on Friday, July 17th. Wolfe Research reissued a “buy” rating on shares of Core Scientific in a research note on Wednesday, July 29th. Needham & Company LLC lifted their target price on Core Scientific from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Finally, Jefferies Financial Group lifted their target price on Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $32.18.

About Core Scientific

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.