CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Takes Position in Core Scientific, Inc. (NASDAQ:CORZ)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new position in Core Scientific, Inc. (NASDAQ:CORZ) during the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 280,000 shares of the company’s stock, valued at approximately $3,321,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.16% of Core Scientific as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Rise Advisors LLC boosted its stake in shares of Core Scientific by 14.3% during the third quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock valued at $95,000 after acquiring an additional 1,000 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Core Scientific during the second quarter worth $28,000. Sunbelt Securities Inc. acquired a new stake in shares of Core Scientific during the second quarter worth $33,000. Vontobel Holding Ltd. grew its position in shares of Core Scientific by 10.4% in the third quarter. Vontobel Holding Ltd. now owns 38,089 shares of the company’s stock valued at $452,000 after purchasing an additional 3,591 shares during the period. Finally, Aspect Partners LLC acquired a new position in Core Scientific in the first quarter valued at $29,000.

Core Scientific Price Performance

CORZ stock traded up $0.86 during midday trading on Tuesday, hitting $13.69. 18,449,148 shares of the company’s stock were exchanged, compared to its average volume of 8,629,793. The firm has a 50 day moving average price of $11.22 and a 200-day moving average price of $8.40. Core Scientific, Inc. has a 12-month low of $2.61 and a 12-month high of $14.01.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($4.47). The company had revenue of $141.10 million for the quarter, compared to analysts’ expectations of $128.58 million. The business’s revenue was up 11.2% compared to the same quarter last year. Analysts predict that Core Scientific, Inc. will post 0.01 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 11,582 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.41, for a total value of $108,986.62. Following the completion of the sale, the insider now directly owns 1,686,474 shares of the company’s stock, valued at $15,869,720.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total value of $82,356.32. Following the transaction, the chief financial officer now directly owns 122,217 shares in the company, valued at approximately $1,150,061.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 11,582 shares of Core Scientific stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the completion of the transaction, the insider now directly owns 1,686,474 shares of the company’s stock, valued at $15,869,720.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 12,761 shares of company stock valued at $127,080. Insiders own 32.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $16.00 price objective on shares of Core Scientific in a research note on Friday, October 11th. BTIG Research boosted their price objective on shares of Core Scientific from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Macquarie began coverage on Core Scientific in a report on Wednesday, September 25th. They issued an “outperform” rating and a $16.00 target price on the stock. HC Wainwright boosted their price target on Core Scientific from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Finally, Canaccord Genuity Group initiated coverage on Core Scientific in a report on Monday, September 23rd. They issued a “buy” rating and a $16.00 price objective on the stock. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $15.27.

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.