Comerica Bank Decreases Stock Holdings in Core Scientific, Inc. $CORZ

Key Points

• Comerica Bank reduced its stake in Core Scientific by 13.7%, selling 632,835 shares and retaining 3,997,581 shares (about 1.29% of the company) valued at roughly $58.2 million.
• Other institutions were net buyers — notably Vanguard increased to 33,960,320 shares worth ~$494.5 million and Pictet and others also added positions — while insiders sold 30,000 shares in the past 90 days (Todd Duchene sold 10,000 at $19.80).
• Core Scientific beat EPS estimates ($0.42 vs. -$0.27) but missed revenue (down 16% YoY); the stock has a $6.59 billion market cap and an average analyst rating of Moderate Buy with a $25.07 target.

Comerica Bank lowered its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 13.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,997,581 shares of the company's stock after selling 632,835 shares during the period. Comerica Bank owned about 1.29% of Core Scientific worth $58,205,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Pictet Asset Management Holding SA boosted its holdings in Core Scientific by 85.7% during the fourth quarter. Pictet Asset Management Holding SA now owns 71,525 shares of the company's stock worth $1,041,000 after buying an additional 33,013 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock worth $494,462,000 after buying an additional 5,359,710 shares in the last quarter. Concurrent Investment Advisors LLC boosted its holdings in Core Scientific by 35.8% during the fourth quarter. Concurrent Investment Advisors LLC now owns 309,879 shares of the company's stock worth $4,512,000 after buying an additional 81,633 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Core Scientific by 11.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 94,557 shares of the company's stock worth $1,377,000 after buying an additional 9,800 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV purchased a new stake in Core Scientific during the fourth quarter worth about $2,980,000.

Core Scientific Trading Down 0.0%

Shares of CORZ opened at $20.87 on Monday. The stock has a market cap of $6.59 billion, a P/E ratio of 17.84 and a beta of 6.34. The company has a 50-day moving average of $17.20 and a two-hundred day moving average of $17.37. Core Scientific, Inc. has a 12-month low of $7.50 and a 12-month high of $23.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Monday, March 2nd. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.27) by $0.69. The business had revenue of $79.76 million for the quarter, compared to analyst estimates of $118.45 million. The business's revenue was down 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.69) EPS. As a group, analysts forecast that Core Scientific, Inc. will post 0.07 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on CORZ shares. LADENBURG THALM/SH SH decreased their price objective on shares of Core Scientific from $24.50 to $23.75 and set a "buy" rating on the stock in a report on Tuesday, March 3rd. Needham & Company LLC upgraded shares of Core Scientific from a "hold" rating to a "buy" rating and set a $23.00 target price for the company in a research report on Tuesday, March 3rd. Keefe, Bruyette & Woods lifted their target price on shares of Core Scientific from $19.00 to $25.00 and gave the stock a "moderate buy" rating in a research report on Tuesday, January 27th. Zacks Research upgraded shares of Core Scientific from a "strong sell" rating to a "hold" rating in a research report on Tuesday, January 13th. Finally, Wall Street Zen upgraded shares of Core Scientific to a "sell" rating in a research report on Saturday, March 14th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $25.07.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the business's stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $19.80, for a total value of $198,000.00. Following the completion of the transaction, the insider owned 2,000,348 shares of the company's stock, valued at $39,606,890.40. The trade was a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 30,000 shares of company stock valued at $515,400 over the last ninety days. Insiders own 1.70% of the company's stock.

About Core Scientific

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.

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