Bank of New York Mellon Corp Raises Stake in Core Scientific, Inc. (NASDAQ:CORZ)

Bank of New York Mellon Corp boosted its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 5.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 876,809 shares of the company's stock after buying an additional 42,732 shares during the period. Bank of New York Mellon Corp owned approximately 0.30% of Core Scientific worth $6,348,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Oppenheimer Asset Management Inc. boosted its holdings in shares of Core Scientific by 229.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock valued at $272,000 after acquiring an additional 26,135 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Core Scientific in the fourth quarter valued at $527,000. Summit Trail Advisors LLC purchased a new stake in Core Scientific in the first quarter valued at $357,000. Deutsche Bank AG boosted its stake in shares of Core Scientific by 53.8% in the fourth quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock worth $2,319,000 after buying an additional 57,742 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in shares of Core Scientific in the fourth quarter worth about $1,335,000.

Insiders Place Their Bets

In related news, Director Yadin Rozov purchased 110,000 shares of the company's stock in a transaction on Wednesday, May 28th. The shares were bought at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the purchase, the director directly owned 475,687 shares of the company's stock, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Todd M. Duchene sold 7,759 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total value of $96,134.01. Following the transaction, the insider owned 2,049,689 shares in the company, valued at $25,395,646.71. This represents a 0.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 117,759 shares of company stock worth $1,391,434 in the last 90 days. Company insiders own 1.40% of the company's stock.

Core Scientific Trading Up 0.5%

CORZ stock traded up $0.07 during trading on Friday, reaching $13.76. 12,797,391 shares of the stock were exchanged, compared to its average volume of 25,951,244. The business has a 50 day moving average price of $12.99 and a 200-day moving average price of $11.04. Core Scientific, Inc. has a 1 year low of $6.20 and a 1 year high of $18.63. The firm has a market capitalization of $4.10 billion, a price-to-earnings ratio of -2.74 and a beta of 6.71.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to analysts' expectations of $92.04 million. During the same period in the previous year, the firm posted $0.78 EPS. The firm's quarterly revenue was down 55.6% compared to the same quarter last year. On average, research analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CORZ. Canaccord Genuity Group restated a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research note on Friday, June 27th. Roth Capital reiterated a "neutral" rating and set a $20.00 price target on shares of Core Scientific in a research report on Tuesday, July 8th. B. Riley downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. Needham & Company LLC lowered Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price on the stock. in a research report on Thursday, July 10th. Finally, Citizens Jmp downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 14th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $18.32.

Core Scientific 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.