Comerica Bank Sells 49,614 Shares of Core Scientific, Inc. $CORZ

Key Points

• Comerica Bank sold 49,614 shares of Core Scientific, Inc., reducing its stake to approximately 1.33% of the company, valued at $28.61 million at the end of the quarter.
• Insider Todd M. Duchene sold 60,000 shares, while Director Yadin Rozov increased ownership by acquiring 110,000 shares, indicating mixed insider trading activities.
• Core Scientific reported a quarterly revenue of $78.63 million, down 44.3% year-over-year, while earnings per share beat expectations at ($0.04), surpassing the consensus estimate of ($0.07).

Comerica Bank decreased its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 1.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,951,764 shares of the company's stock after selling 49,614 shares during the quarter. Comerica Bank owned approximately 1.33% of Core Scientific worth $28,611,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. raised its stake in shares of Core Scientific by 229.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock worth $272,000 after buying an additional 26,135 shares during the period. Summit Trail Advisors LLC bought a new position in shares of Core Scientific in the first quarter worth about $357,000. Deutsche Bank AG raised its stake in shares of Core Scientific by 53.8% in the fourth quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock worth $2,319,000 after buying an additional 57,742 shares during the period. Millennium Management LLC bought a new position in shares of Core Scientific in the fourth quarter worth about $1,335,000. Finally, Teacher Retirement System of Texas bought a new position in shares of Core Scientific in the first quarter worth about $234,000.

Insiders Place Their Bets

In related news, insider Todd M. Duchene sold 60,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total transaction of $679,800.00. Following the completion of the transaction, the insider owned 2,100,102 shares in the company, valued at $23,794,155.66. The trade was a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Yadin Rozov acquired 110,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The shares were acquired at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the acquisition, the director owned 475,687 shares in the company, valued at $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 117,759 shares of company stock valued at $1,391,434. 1.40% of the stock is owned by company insiders.

Core Scientific Stock Performance

NASDAQ CORZ opened at $13.55 on Monday. The company has a market cap of $4.14 billion, a P/E ratio of -24.20 and a beta of 6.60. The business's 50 day moving average price is $13.97 and its 200-day moving average price is $11.06. 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 released its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.03. The company had revenue of $78.63 million for the quarter, compared to the consensus estimate of $82.09 million. Core Scientific's quarterly revenue was down 44.3% on a year-over-year basis. As a group, equities analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Roth Capital decreased their price objective on Core Scientific from $20.00 to $17.00 and set a "neutral" rating on the stock in a research note on Friday. B. Riley downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 9th. BTIG Research downgraded Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price objective on the stock. in a research note on Monday, July 7th. HC Wainwright reiterated a "neutral" rating on shares of Core Scientific in a research report on Monday, August 11th. Finally, Citizens Jmp cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $18.32.

About Core Scientific

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.

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