Congress Wealth Management LLC DE Invests $219,000 in Core Scientific, Inc. (NASDAQ:CORZ)

Congress Wealth Management LLC DE bought a new stake in Core Scientific, Inc. (NASDAQ:CORZ) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 15,600 shares of the company’s stock, valued at approximately $219,000.

Several other hedge funds have also bought and sold shares of CORZ. Wellington Shields & Co. LLC bought a new position in shares of Core Scientific in the 4th quarter worth $26,000. First Horizon Advisors Inc. bought a new position in Core Scientific in the fourth quarter valued at $34,000. Newbridge Financial Services Group Inc. bought a new stake in Core Scientific during the fourth quarter worth about $42,000. Vestcor Inc purchased a new position in shares of Core Scientific in the 4th quarter worth about $66,000. Finally, US Bancorp DE bought a new position in shares of Core Scientific during the 4th quarter valued at about $99,000.

Analyst Upgrades and Downgrades

CORZ has been the subject of a number of recent research reports. HC Wainwright restated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research report on Tuesday, March 11th. 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. Needham & Company LLC reduced their target price on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Cantor Fitzgerald decreased their target price on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Finally, Craig Hallum started coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target for the company. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $19.07.

Core Scientific Stock Performance

NASDAQ CORZ opened at $7.48 on Monday. The stock has a market cap of $2.20 billion, a P/E ratio of -1.38 and a beta of 6.83. Core Scientific, Inc. has a fifty-two week low of $2.61 and a fifty-two week high of $18.63. The stock has a 50 day simple moving average of $10.89 and a two-hundred day simple moving average of $13.12.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. Sell-side analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jordan Levy purchased 62,500 shares of Core Scientific stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $8.01 per share, with a total value of $500,625.00. Following the completion of the purchase, the director now directly owns 306,887 shares in the company, valued at approximately $2,458,164.87. This trade represents a 25.57 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20. Following the completion of the transaction, the chief executive officer now owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 748,282 shares of company stock worth $10,978,104. 32.00% of the stock is currently owned by corporate insiders.

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.