Core Scientific, Inc. $CORZ Stock Holdings Lowered by Comerica Bank

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 reduced its position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 1.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,951,764 shares of the company's stock after selling 49,614 shares during the period. Comerica Bank owned about 1.33% of Core Scientific worth $28,611,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Core Scientific during the first quarter worth $38,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Core Scientific in the first quarter worth $50,000. CWM LLC raised its holdings in Core Scientific by 403.9% in the first quarter. CWM LLC now owns 8,092 shares of the company's stock valued at $59,000 after acquiring an additional 6,486 shares in the last quarter. GAMMA Investing LLC raised its holdings in Core Scientific by 1,722.3% in the first quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock valued at $62,000 after acquiring an additional 8,095 shares in the last quarter. Finally, US Bancorp DE raised its holdings in Core Scientific by 23.7% in the first quarter. US Bancorp DE now owns 8,682 shares of the company's stock valued at $63,000 after acquiring an additional 1,663 shares in the last quarter.

Analyst Ratings Changes

CORZ has been the topic of several recent analyst reports. Arete Research raised shares of Core Scientific to a "strong-buy" rating in a report on Tuesday, July 22nd. Citizens Jmp cut shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 14th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a report on Friday, June 27th. B. Riley cut shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 9th. Finally, Jefferies Financial Group upped their price target on shares of Core Scientific from $16.00 to $22.00 and gave the company a "buy" rating in a report on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $18.32.

Core Scientific Price Performance

Shares of NASDAQ:CORZ remained flat at $14.35 on Friday. 6,447,536 shares of the company's stock were exchanged, compared to its average volume of 17,590,316. The company has a market cap of $4.38 billion, a price-to-earnings ratio of -25.63 and a beta of 6.60. Core Scientific, Inc. has a 52 week low of $6.20 and a 52 week high of $18.63. The business has a fifty day simple moving average of $14.19 and a 200-day simple moving average of $11.13.

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

Insider Activity at Core Scientific

In other news, insider Todd M. Duchene sold 60,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were 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 approximately $23,794,155.66. This represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 117,759 shares of company stock worth $1,391,434 in the last three months. 1.40% of the stock is currently owned by corporate insiders.

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.