180 GPS Investments IC Ltd Purchases Shares of 129,506 Core Scientific, Inc. $CORZ

Key Points

• 180 GPS Investments IC Ltd acquired 129,506 shares of Core Scientific worth approximately $3.3 million, making the stock 2.5% of its portfolio and its 12th-largest holding. Other institutions, including Vanguard and Bank of America, also increased their positions.
• Core Scientific reported a quarterly loss of $3.32 per share, missing estimates by $3.26, although revenue of $164.2 million exceeded expectations. Analysts project a full-year loss of $1.36 per share.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $32.18 versus the stock’s reported $20.18 opening price. Insiders, however, sold 100,000 shares over the last quarter.

180 GPS Investments IC Ltd acquired a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 129,506 shares of the company's stock, valued at approximately $3,314,000. Core Scientific comprises approximately 2.5% of 180 GPS Investments IC Ltd's holdings, making the stock its 12th biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock valued at $494,462,000 after purchasing an additional 5,359,710 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Core Scientific by 412.5% in the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company's stock valued at $71,903,000 after buying an additional 3,868,535 shares during the period. Jennison Associates LLC bought a new position in Core Scientific during the fourth quarter worth about $14,075,000. Oasis Management Co Ltd. bought a new position in Core Scientific in the 4th quarter worth approximately $38,493,000. Finally, Sandro Wealth Management LLC bought a new position in shares of Core Scientific in the fourth quarter worth $4,493,000.

Core Scientific Stock Performance

Shares of Core Scientific stock opened at $20.18 on Monday. The firm has a market cap of $6.48 billion, a PE ratio of -4.57 and a beta of 5.59. Core Scientific, Inc. has a 12 month low of $13.14 and a 12 month high of $30.46. The stock has a 50 day moving average of $23.78 and a 200 day moving average of $21.02.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The business had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. As a group, equities research analysts forecast that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Keefe, Bruyette & Woods raised Core Scientific from a "market perform" rating to an "outperform" rating and raised their price target for the company from $25.00 to $28.00 in a report on Thursday, July 30th. B. Riley Financial increased their target price on Core Scientific from $33.00 to $42.00 and gave the company a "buy" rating in a report on Monday, August 3rd. Canaccord Genuity Group upped their price objective on shares of Core Scientific from $30.00 to $36.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. BTIG Research restated a "buy" rating and issued a $38.00 price objective on shares of Core Scientific in a report on Tuesday, July 28th. Finally, Capital One Financial set a $33.00 price objective on Core Scientific in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $32.18.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the firm's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $19.97, for a total value of $199,700.00. Following the completion of the transaction, the insider owned 1,969,101 shares of the company's stock, valued at approximately $39,322,946.97. This trade represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 100,000 shares of company stock worth $2,448,300. Corporate insiders own 1.70% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source