Bank of America Corp DE Acquires Shares of 3,660,331 Core Scientific, Inc. $CORZ

Key Points

• Bank of America acquired 3.66 million Core Scientific shares worth approximately $93.7 million, giving it a 1.14% stake. Other institutional investors, including Situational Awareness, also increased their holdings.
• Analyst sentiment is broadly positive: Core Scientific has an average “Buy” rating and a consensus price target of $31.96, with targets ranging as high as $40.
• Despite revenue of $164.2 million exceeding estimates, Core Scientific reported a significant quarterly loss of $3.32 per share versus the expected $0.06 loss. The stock opened at $17.99 and remains highly volatile, with a beta of 5.48.

Bank of America Corp DE bought a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,660,331 shares of the company's stock, valued at approximately $93,668,000. Bank of America Corp DE owned approximately 1.14% of Core Scientific at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Oasis Management Co Ltd. bought a new stake in Core Scientific in the fourth quarter worth about $38,493,000. California State Teachers Retirement System grew its position in shares of Core Scientific by 22.1% during the 1st quarter. California State Teachers Retirement System now owns 288,936 shares of the company's stock valued at $4,322,000 after acquiring an additional 52,260 shares during the period. Mercuria Capital Strategies LLC purchased a new stake in shares of Core Scientific during the 4th quarter worth approximately $2,718,000. Situational Awareness LP raised its holdings in shares of Core Scientific by 42.5% in the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company's stock worth $418,694,000 after purchasing an additional 8,575,944 shares during the period. Finally, Union Square Park Capital Management LLC bought a new stake in shares of Core Scientific in the 1st quarter worth approximately $1,496,000.

Insiders Place Their Bets

In other news, insider Todd DuChene sold 10,000 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $18.67, for a total value of $186,700.00. Following the sale, the insider directly owned 1,217,896 shares of the company's stock, valued at approximately $22,738,118.32. This represents a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Elizabeth Crain purchased 6,000 shares of Core Scientific stock in a transaction dated Thursday, August 20th. The shares were bought at an average price of $18.33 per share, with a total value of $109,980.00. Following the completion of the acquisition, the director directly owned 71,348 shares of the company's stock, valued at approximately $1,307,808.84. This represents a 9.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have purchased 19,000 shares of company stock valued at $342,290 and have sold 90,000 shares valued at $1,996,600. Corporate insiders own 1.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CORZ shares. Freedom Capital raised Core Scientific from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. Sanford C. Bernstein restated an "outperform" rating and issued a $32.00 target price on shares of Core Scientific in a research note on Wednesday, June 3rd. Canaccord Genuity Group upped their price target on Core Scientific from $30.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods raised Core Scientific from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $25.00 to $28.00 in a report on Thursday, July 30th. Finally, Loop Capital set a $40.00 price objective on Core Scientific in a research note on Friday, June 12th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $31.96.

Core Scientific Price Performance

Shares of NASDAQ CORZ opened at $17.99 on Friday. Core Scientific, Inc. has a 1 year low of $13.35 and a 1 year high of $30.46. The stock has a market cap of $5.78 billion, a P/E ratio of -4.07 and a beta of 5.48. The firm has a 50-day moving average of $19.57 and a 200 day moving average of $20.98.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced 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. Research analysts expect that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

About Core Scientific

Core Scientific, Inc NASDAQ: CORZ is a digital infrastructure company that develops and operates data centers for high-performance computing. Its business has historically centered on large-scale bitcoin mining, including the deployment and operation of specialized computing equipment and supporting power, networking and facility infrastructure.

The company also provides hosting and colocation services for digital asset miners and other high-performance computing customers. Core Scientific has increasingly focused on expanding its data center platform for artificial intelligence and other compute-intensive workloads, including infrastructure designed to support graphics processing unit (GPU) deployments.

Founded in 2017, Core Scientific operates data center facilities in the United States and emerged from Chapter 11 bankruptcy protection in January 2024.

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