Blair William & Co. IL Sells 101,035 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Key Points

• Blair William & Co. IL reduced its stake in Core Scientific, Inc. by 26.5%, owning 280,875 shares worth approximately $2,034,000 after selling 101,035 shares.
• Despite some institutional sell-offs, Oppenheimer Asset Management Inc. significantly increased its position in Core Scientific by 229.9%, now holding 37,501 shares valued at $272,000.
• Core Scientific recently reported an EPS of ($0.04) for the last quarter, exceeding analysts' expectations, but its revenue declined by 44.3% year-over-year.

Blair William & Co. IL trimmed its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 26.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 280,875 shares of the company's stock after selling 101,035 shares during the quarter. Blair William & Co. IL owned about 0.10% of Core Scientific worth $2,034,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Orion Portfolio Solutions LLC purchased a new stake in Core Scientific during the fourth quarter worth approximately $176,000. Alliancebernstein L.P. grew its stake in Core Scientific by 8.7% during the fourth quarter. Alliancebernstein L.P. now owns 202,859 shares of the company's stock worth $2,850,000 after buying an additional 16,239 shares during the period. Geode Capital Management LLC grew its stake in Core Scientific by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 5,532,715 shares of the company's stock worth $77,756,000 after buying an additional 256,142 shares during the period. Wells Fargo & Company MN grew its stake in Core Scientific by 41.7% during the fourth quarter. Wells Fargo & Company MN now owns 100,848 shares of the company's stock worth $1,417,000 after buying an additional 29,669 shares during the period. Finally, Envestnet Asset Management Inc. purchased a new stake in Core Scientific during the fourth quarter worth approximately $1,707,000.

Core Scientific Price Performance

Shares of CORZ traded up $0.58 during mid-day trading on Tuesday, hitting $15.11. The company's stock had a trading volume of 16,941,840 shares, compared to its average volume of 16,293,460. The firm has a 50-day moving average price of $13.63 and a 200 day moving average price of $10.93. The stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of -26.98 and a beta of 6.60. Core Scientific, Inc. has a fifty-two week low of $6.20 and a fifty-two week high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.03. The firm had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The company's revenue for the quarter was down 44.3% compared to the same quarter last year. As a group, equities analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on CORZ. Roth Mkm reissued a "buy" rating and set a $20.00 target price on shares of Core Scientific in a research report on Thursday, June 26th. Citizens Jmp cut shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 14th. Arete began coverage on shares of Core Scientific in a research report on Tuesday, July 22nd. They set a "buy" rating and a $20.00 target price on the stock. Barclays cut shares of Core Scientific to an "underweight" rating in a research report on Tuesday, July 8th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a report on Friday, June 27th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $18.32.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total transaction 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 trade represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Yadin Rozov purchased 110,000 shares of the firm's stock in a transaction that occurred on 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 acquisition, the director owned 475,687 shares of the company's stock, valued at $5,170,717.69. This trade represents a 30.08% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 117,759 shares of company stock valued at $1,391,434. 1.40% of the stock is currently owned by corporate insiders.

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.