Arkadios Wealth Advisors Buys New Stake in Core Scientific, Inc. (NASDAQ:CORZ)

Key Points

• Arkadios Wealth Advisors has purchased 20,018 shares of Core Scientific, Inc. (NASDAQ:CORZ), valued at approximately $145,000, highlighting increased institutional interest in the company.
• Core Scientific recently reported a quarterly EPS of ($0.04), outperforming analysts’ expectations of ($0.07), but showed a 44.3% decline in revenue year-over-year.
• Recent analyst upgrades have generally downgraded Core Scientific’s rating, with a consensus rating of "Hold" and a target price of $18.32.

Arkadios Wealth Advisors bought a new stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 20,018 shares of the company's stock, valued at approximately $145,000.

Several other large investors have also recently bought and sold shares of the business. Beryl Capital Management LLC increased its holdings in Core Scientific by 24.3% in the fourth quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company's stock valued at $255,423,000 after buying an additional 3,548,396 shares during the last quarter. Driehaus Capital Management LLC increased its holdings in Core Scientific by 112.1% in the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock valued at $144,212,000 after buying an additional 5,424,901 shares during the last quarter. FMR LLC increased its holdings in Core Scientific by 2,937.7% in the fourth quarter. FMR LLC now owns 7,436,229 shares of the company's stock valued at $104,479,000 after buying an additional 7,191,428 shares during the last quarter. Two Seas Capital LP increased its holdings in Core Scientific by 9.2% in the fourth quarter. Two Seas Capital LP now owns 6,232,888 shares of the company's stock valued at $87,572,000 after buying an additional 527,097 shares during the last quarter. Finally, Parsifal Capital Management LP increased its holdings in Core Scientific by 3.7% in the fourth quarter. Parsifal Capital Management LP now owns 5,615,199 shares of the company's stock valued at $78,894,000 after buying an additional 202,374 shares during the last quarter.

Analyst Upgrades and Downgrades

CORZ has been the topic of several recent analyst reports. Macquarie lowered Core Scientific from a "strong-buy" rating to a "hold" rating and set a $15.00 target price on the stock. in a report on Thursday, July 10th. HC Wainwright reissued a "neutral" rating on shares of Core Scientific in a report on Monday. BTIG Research lowered Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price on the stock. in a report on Monday, July 7th. Roth Mkm restated a "buy" rating and issued a $20.00 price objective on shares of Core Scientific in a research note on Thursday, June 26th. Finally, Arete Research upgraded shares of Core Scientific to a "strong-buy" rating in a research note on Tuesday, July 22nd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Core Scientific currently has an average rating of "Hold" and an average price target of $18.32.

Insider Buying and Selling

In other news, Director Yadin Rozov bought 110,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were purchased at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the transaction, the director owned 475,687 shares in the company, valued at $5,170,717.69. The trade was a 30.08% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Todd M. Duchene sold 60,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total transaction of $679,800.00. Following the sale, the insider owned 2,100,102 shares in the company, valued at approximately $23,794,155.66. This trade represents a 2.78% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 117,759 shares of company stock valued at $1,391,434. Corporate insiders own 1.40% of the company's stock.

Core Scientific Price Performance

Core Scientific stock traded up $0.22 during mid-day trading on Tuesday, reaching $14.75. The company had a trading volume of 2,998,959 shares, compared to its average volume of 16,203,198. Core Scientific, Inc. has a 1 year low of $6.20 and a 1 year high of $18.63. The company has a market capitalization of $4.39 billion, a P/E ratio of -26.19 and a beta of 6.60. The stock's 50-day simple moving average is $13.63 and its 200-day simple moving average is $10.93.

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

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.