Bank of America Corp DE Purchases 3,868,535 Shares of Core Scientific, Inc. $CORZ

Key Points

• Bank of America increased its Core Scientific stake by 412.5% during the first quarter, acquiring 3.87 million shares for a total holding of 4.81 million shares valued at approximately $71.9 million.
• Core Scientific reported a quarterly loss of $3.32 per share, far below the consensus estimate of a $0.06 loss, although revenue of $164.2 million exceeded expectations.
• Analyst sentiment remains positive, with the stock holding a “Moderate Buy” consensus rating and an average price target of $32.18, versus its reported market price of $21.01.

Bank of America Corp DE grew its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 412.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,806,363 shares of the company's stock after acquiring an additional 3,868,535 shares during the quarter. Bank of America Corp DE owned 1.51% of Core Scientific worth $71,903,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Anson Funds Management LP bought a new position in Core Scientific during the first quarter worth about $4,578,000. Amundi bought a new position in shares of Core Scientific in the first quarter worth $153,000. California State Teachers Retirement System raised its stake in Core Scientific by 22.1% in the first quarter. California State Teachers Retirement System now owns 288,936 shares of the company's stock valued at $4,322,000 after purchasing an additional 52,260 shares in the last quarter. Royal Bank of Canada lifted its position in Core Scientific by 62.6% during the first quarter. Royal Bank of Canada now owns 94,838 shares of the company's stock worth $1,419,000 after purchasing an additional 36,517 shares during the period. Finally, Empowered Funds LLC acquired a new stake in Core Scientific during the first quarter worth about $346,000.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $22.23, for a total value of $222,300.00. Following the sale, the insider owned 1,979,101 shares in the company, valued at approximately $43,995,415.23. The trade was a 0.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 90,000 shares of company stock worth $2,248,600. 1.70% of the stock is currently owned by insiders.

Core Scientific Price Performance

NASDAQ:CORZ opened at $21.01 on Monday. Core Scientific, Inc. has a one year low of $13.14 and a one year high of $30.46. The company has a market cap of $6.75 billion, a PE ratio of -4.75 and a beta of 5.59. The firm's 50 day simple moving average is $24.59 and its 200 day simple moving average is $20.96.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to analysts' expectations of $144.83 million. Equities research analysts expect that Core Scientific, Inc. will post -1.36 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CORZ shares. Needham & Company LLC raised their target price on shares of Core Scientific from $29.00 to $35.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Canaccord Genuity Group increased their price target on shares of Core Scientific from $30.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Lucid Cap Mkts raised shares of Core Scientific to a "strong-buy" rating in a research note on Friday, June 12th. Keefe, Bruyette & Woods raised shares of Core Scientific from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $25.00 to $28.00 in a research note on Thursday, July 30th. Finally, BTIG Research reaffirmed a "buy" rating and issued a $38.00 target price on shares of Core Scientific in a report on Tuesday, July 28th. Two 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 issued a Sell rating to the stock. Based on data from MarketBeat, Core Scientific currently has an average rating of "Moderate Buy" and a consensus target price of $32.18.

Core Scientific Company Profile

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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