Nuveen LLC Acquires Shares of 476,317 Core Scientific, Inc. $CORZ

Key Points

• Nuveen LLC has acquired 476,317 shares of Core Scientific, Inc. valued at approximately $3,449,000, representing about 0.16% ownership in the company.
• Core Scientific recently reported a loss per share of ($0.04) for the quarter, beating estimates, but its revenue has decreased 44.3% year-over-year to $78.63 million.
• Equities research analysts have assigned a consensus rating of "Hold" for Core Scientific, with a price target of $18.32, amidst mixed ratings from various research firms.

Nuveen LLC acquired a new stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 476,317 shares of the company's stock, valued at approximately $3,449,000. Nuveen LLC owned about 0.16% of Core Scientific as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CORZ. Vanguard Group Inc. lifted its holdings in Core Scientific by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company's stock worth $148,985,000 after purchasing an additional 1,199,448 shares during the last quarter. Beryl Capital Management LLC lifted its holdings in Core Scientific by 24.3% during the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company's stock worth $255,423,000 after purchasing an additional 3,548,396 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock worth $144,212,000 after purchasing an additional 5,424,901 shares during the last quarter. Parsifal Capital Management LP lifted its holdings in Core Scientific by 3.7% during the 4th quarter. Parsifal Capital Management LP now owns 5,615,199 shares of the company's stock worth $78,894,000 after purchasing an additional 202,374 shares during the last quarter. Finally, Fred Alger Management LLC acquired a new stake in Core Scientific during the 4th quarter worth approximately $62,011,000.

Analyst Ratings Changes

CORZ has been the subject of several analyst reports. Barclays cut Core Scientific to an "underweight" rating in a report on Tuesday, July 8th. Roth Capital reduced their price objective on Core Scientific from $20.00 to $17.00 and set a "neutral" rating on the stock in a research report on Friday, August 22nd. Roth Mkm reiterated a "buy" rating and issued a $20.00 price target on shares of Core Scientific in a research report on Thursday, June 26th. Jefferies Financial Group upped their price target on Core Scientific from $16.00 to $22.00 and gave the company a "buy" rating in a research report on Monday, August 18th. Finally, Citizens Jmp downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $18.32.

Core Scientific Stock Performance

NASDAQ CORZ traded down $0.35 during trading hours on Tuesday, hitting $14.00. The company had a trading volume of 11,069,357 shares, compared to its average volume of 16,518,414. Core Scientific, Inc. has a 52 week low of $6.20 and a 52 week high of $18.63. The firm has a 50 day simple moving average of $14.29 and a 200 day simple moving average of $11.15. The firm has a market capitalization of $4.28 billion, a price-to-earnings ratio of -25.00 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.03. The company had revenue of $78.63 million during the quarter, compared to the consensus estimate of $82.09 million. The business's quarterly revenue was down 44.3% on a year-over-year basis. On average, research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total transaction of $96,134.01. Following the completion of the sale, the insider owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. This trade represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.40% of the company's stock.

Core Scientific Company Profile

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.