Bank of New York Mellon Corp Makes New $27.39 Million Investment in Core Scientific, Inc. $CORZ

Key Points

• Bank of New York Mellon acquired 1.07 million Core Scientific shares worth approximately $27.4 million, representing a 0.33% stake. Several other institutional investors also initiated or increased positions during the second quarter.
• Core Scientific shares opened at $16.51 after declining 6.3%, with the stock showing substantial volatility. The company reported a quarterly loss of $3.32 per share, far below the consensus estimate, despite revenue exceeding expectations.
• Analysts remain broadly positive, assigning the stock a “Moderate Buy” consensus rating and an average price target of $32.18, well above its current trading level.

Bank of New York Mellon Corp bought a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,070,183 shares of the company's stock, valued at approximately $27,386,000. Bank of New York Mellon Corp owned 0.33% of Core Scientific as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CORZ. Sandro Wealth Management LLC acquired a new position in Core Scientific during the second quarter valued at $1,249,000. GSA Capital Partners LLP acquired a new stake in Core Scientific during the 2nd quarter worth about $449,000. Handelsbanken Fonder AB boosted its position in Core Scientific by 0.7% during the 2nd quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company's stock worth $2,418,000 after acquiring an additional 700 shares during the period. GAMMA Investing LLC grew its stake in Core Scientific by 34.5% during the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock valued at $78,000 after acquiring an additional 782 shares in the last quarter. Finally, Avior Wealth Management LLC purchased a new position in Core Scientific during the 2nd quarter valued at about $264,000.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $19.97, for a total value of $199,700.00. Following the transaction, the insider directly owned 1,969,101 shares of the company's stock, valued at approximately $39,322,946.97. This trade represents a 0.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders sold 100,000 shares of company stock worth $2,360,300. Corporate insiders own 1.70% of the company's stock.

Core Scientific Trading Down 6.3%

Shares of NASDAQ:CORZ opened at $16.51 on Friday. The stock has a market capitalization of $5.31 billion, a PE ratio of -3.74 and a beta of 5.59. Core Scientific, Inc. has a 1 year low of $13.14 and a 1 year high of $30.46. The firm has a fifty day moving average price of $21.85 and a 200 day moving average price of $21.02.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The business had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. On average, sell-side analysts forecast that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods upgraded Core Scientific from a "market perform" rating to an "outperform" rating and upped their target price for the company from $25.00 to $28.00 in a report on Thursday, July 30th. Capital One Financial set a $33.00 price objective on shares of Core Scientific in a research report on Thursday, July 30th. BTIG Research reiterated a "buy" rating and issued a $38.00 price objective on shares of Core Scientific in a research note on Tuesday, July 28th. Canaccord Genuity Group increased their target price 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. Finally, Sanford C. Bernstein reiterated an "outperform" rating and issued a $32.00 target price on shares of Core Scientific in a research report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $32.18.

Core Scientific 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.