BlackRock Inc. Acquires New Position in Core Scientific, Inc. $CORZ

Key Points

• BlackRock acquired 28.1 million Core Scientific shares during the second quarter, valued at approximately $719.6 million, giving it an 8.75% stake. Several other institutional investors also initiated positions.
• Core Scientific reported a quarterly loss of $3.32 per share, substantially missing the $0.06 consensus estimate, despite revenue of $164.2 million exceeding expectations.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $32.18, although the stock opened at $17.81 and has fallen below its 50-day moving average.

BlackRock Inc. acquired a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 28,122,262 shares of the company's stock, valued at approximately $719,649,000. BlackRock Inc. owned approximately 8.75% of Core Scientific at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CORZ. Deutsche Bank AG purchased a new stake in shares of Core Scientific during the 2nd quarter worth approximately $9,859,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Core Scientific during the 2nd quarter worth approximately $252,000. Uniting Wealth Partners LLC acquired a new stake in Core Scientific during the 2nd quarter valued at $752,000. 180 GPS Investments IC Ltd purchased a new position in Core Scientific during the second quarter worth $3,314,000. Finally, Bank of New York Mellon Corp purchased a new position in Core Scientific during the second quarter worth $27,386,000.

Core Scientific Stock Performance

CORZ opened at $17.81 on Friday. The company's 50 day simple moving average is $22.97 and its 200 day simple moving average is $20.99. Core Scientific, Inc. has a 1 year low of $13.14 and a 1 year high of $30.46. The stock has a market capitalization of $5.72 billion, a PE ratio of -4.03 and a beta of 5.59.

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

Analysts Set New Price Targets

CORZ has been the subject of several analyst reports. B. Riley Financial boosted their target price on shares of Core Scientific from $33.00 to $42.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. BTIG Research reiterated a "buy" rating and set a $38.00 price target on shares of Core Scientific in a report on Tuesday, July 28th. Loop Capital set a $40.00 price objective on shares of Core Scientific in a research report on Friday, June 12th. Freedom Capital raised shares of Core Scientific from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Core Scientific in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Core Scientific currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.18.

Insider Transactions at Core Scientific

In other Core Scientific news, Director Eric Stanton Weiss purchased 7,000 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The shares were purchased at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the acquisition, the director owned 259,262 shares of the company's stock, valued at approximately $4,975,237.78. This represents a 2.77% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $19.97, for a total transaction of $199,700.00. Following the transaction, the insider directly owned 1,969,101 shares in the company, valued at approximately $39,322,946.97. This trade represents a 0.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 100,000 shares of company stock valued at $2,448,300 in the last quarter. Company insiders own 1.70% of the company's stock.

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.