BIT Capital GmbH Sells 23,005 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Key Points

• BIT Capital GmbH reduced its stake in Core Scientific, Inc. by 38.4%, holding 36,914 shares worth $267,000 after selling 23,005 shares in the first quarter.
• Core Scientific reported a quarterly loss of ($0.10) earnings per share, exceeding analyst estimates, but revenues dropped by 55.6% year-over-year to $79.53 million.
• Insider activity showed Todd M. Duchene selling 7,759 shares, while Director Yadin Rozov purchased 110,000 shares, indicating mixed sentiment from company insiders.

BIT Capital GmbH lowered its position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 38.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 36,914 shares of the company's stock after selling 23,005 shares during the quarter. BIT Capital GmbH's holdings in Core Scientific were worth $267,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Core Scientific by 54.3% during the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock worth $272,270,000 after purchasing an additional 6,819,406 shares during the period. Beryl Capital Management LLC boosted its stake in shares of Core Scientific by 24.3% during the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company's stock worth $255,423,000 after purchasing an additional 3,548,396 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock worth $144,212,000 after acquiring an additional 5,424,901 shares during the period. FMR LLC lifted its holdings in shares of Core Scientific by 2,937.7% during the 4th quarter. FMR LLC now owns 7,436,229 shares of the company's stock worth $104,479,000 after acquiring an additional 7,191,428 shares during the period. Finally, Two Seas Capital LP lifted its holdings in shares of Core Scientific by 9.2% during the 4th quarter. Two Seas Capital LP now owns 6,232,888 shares of the company's stock worth $87,572,000 after acquiring an additional 527,097 shares during the period.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Citizens Jmp lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 14th. Macquarie lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $15.00 price target for the company. in a research note on Thursday, July 10th. Oppenheimer restated a "market perform" rating on shares of Core Scientific in a research note on Monday, July 7th. HC Wainwright lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Finally, Citigroup downgraded shares of Core Scientific from an "outperform" rating to a "market perform" rating in a report on Monday, July 14th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $18.32.

Insider Transactions at Core Scientific

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

Core Scientific Stock Performance

Shares of CORZ traded up $0.28 during mid-day trading on Thursday, hitting $14.39. The company's stock had a trading volume of 6,233,812 shares, compared to its average volume of 16,229,631. The stock's 50-day moving average is $13.42 and its two-hundred day moving average is $11.02. The firm has a market capitalization of $4.28 billion, a PE ratio of -2.87 and a beta of 6.60. Core Scientific, Inc. has a one year low of $6.20 and a one year high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The business had revenue of $79.53 million during the quarter, compared to analyst estimates of $92.04 million. The business's quarterly revenue was down 55.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.78 earnings per share. Analysts expect 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.