77,612 Shares in Core Scientific, Inc. $CORZ Acquired by Man Group plc

Key Points

• Man Group plc acquired 77,612 shares of Core Scientific during the second quarter, valued at approximately $1.99 million. Several other institutional investors also initiated or increased positions in the company.
• Core Scientific reported a quarterly loss of $3.32 per share, substantially worse than analysts’ expected loss of $0.06, although revenue of $164.2 million exceeded estimates.
• Despite the earnings miss and a recent stock decline, analysts remain broadly bullish: CORZ has a consensus “Moderate Buy” rating and an average price target of $32.18, versus an opening price of $16.07.

Man Group plc purchased a new position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 77,612 shares of the company's stock, valued at approximately $1,986,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP lifted its position in shares of Core Scientific by 206.5% during the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company's stock valued at $25,000 after acquiring an additional 950 shares during the last quarter. CoreCap Advisors LLC acquired a new position in shares of Core Scientific in the 2nd quarter worth $36,000. Rakuten Securities Inc. acquired a new position in shares of Core Scientific in the 2nd quarter worth $47,000. Larson Financial Group LLC raised its position in shares of Core Scientific by 936.7% during the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company's stock worth $27,000 after purchasing an additional 1,686 shares during the period. Finally, Osaic Holdings Inc. raised its position in shares of Core Scientific by 112.1% during the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock worth $34,000 after purchasing an additional 1,066 shares during the period.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $17.45, for a total transaction of $174,500.00. Following the transaction, the insider owned 1,937,896 shares of the company's stock, valued at $33,816,285.20. The trade was a 0.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Elizabeth Crain bought 6,000 shares of the company's stock in a transaction dated Thursday, August 20th. The stock was acquired at an average price of $18.33 per share, for a total transaction of $109,980.00. Following the acquisition, the director directly owned 71,348 shares in the company, valued at $1,307,808.84. This trade represents a 9.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders sold 100,000 shares of company stock worth $2,360,300. 1.70% of the stock is currently owned by company insiders.

Core Scientific Stock Down 1.4%

CORZ opened at $16.07 on Wednesday. The firm has a market capitalization of $5.16 billion, a P/E ratio of -3.64 and a beta of 5.50. The stock has a fifty day moving average of $21.33 and a 200-day moving average of $21.01. Core Scientific, Inc. has a 12-month low of $13.14 and a 12-month high of $30.46.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. On average, analysts expect that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CORZ has been the subject of a number of recent analyst reports. Compass Point reiterated a "buy" rating and issued a $36.00 price target on shares of Core Scientific in a research report on Wednesday, July 29th. Wolfe Research restated a "buy" rating on shares of Core Scientific in a report on Wednesday, July 29th. Freedom Capital raised shares of Core Scientific from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. Canaccord Genuity Group raised their target price on shares of Core Scientific from $30.00 to $36.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Finally, Loop Capital set a $40.00 target price on shares of Core Scientific in a research report on Friday, June 12th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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