Core Scientific, Inc. $CORZ Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Core Scientific stake by 22.1% in the first quarter, purchasing 52,260 additional shares and ending with 288,936 shares valued at approximately $4.3 million.
• Several major investors also expanded their positions, including Vanguard, Situational Awareness and Clearline Capital, while Fifth Third Bancorp and Value Aligned Research Advisors initiated new stakes.
• CORZ opened at $21.01, down 0.2%, after reporting a substantial quarterly EPS loss of $3.32 despite revenue exceeding expectations. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $32.18.

California State Teachers Retirement System boosted its position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 22.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 288,936 shares of the company's stock after purchasing an additional 52,260 shares during the quarter. California State Teachers Retirement System owned approximately 0.09% of Core Scientific worth $4,322,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CORZ. Situational Awareness LP raised its stake in shares of Core Scientific by 42.5% during the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company's stock worth $418,694,000 after buying an additional 8,575,944 shares during the last quarter. Value Aligned Research Advisors LLC acquired a new stake in Core Scientific in the 4th quarter valued at about $117,786,000. Vanguard Group Inc. increased its holdings in Core Scientific by 18.7% during the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock valued at $494,462,000 after acquiring an additional 5,359,710 shares in the last quarter. Fifth Third Bancorp acquired a new position in Core Scientific during the first quarter worth about $59,802,000. Finally, Clearline Capital LP raised its position in Core Scientific by 274.2% during the fourth quarter. Clearline Capital LP now owns 4,689,443 shares of the company's stock worth $68,278,000 after acquiring an additional 3,436,127 shares during the last quarter.

Core Scientific Stock Down 0.2%

CORZ stock opened at $21.01 on Friday. The stock has a market capitalization of $6.75 billion, a price-to-earnings ratio of -4.75 and a beta of 5.59. Core Scientific, Inc. has a 52-week low of $13.14 and a 52-week high of $30.46. The stock's fifty day simple moving average is $24.59 and its 200-day simple moving average is $20.95.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its 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 during the quarter, compared to analysts' expectations of $144.83 million. As a group, analysts anticipate that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CORZ has been the subject of several research reports. Lucid Cap Mkts upgraded Core Scientific to a "strong-buy" rating in a research report on Friday, June 12th. BTIG Research reissued a "buy" rating and set a $38.00 price target on shares of Core Scientific in a research report on Tuesday, July 28th. Compass Point reissued a "buy" rating and issued a $36.00 price target on shares of Core Scientific in a report on Wednesday, July 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Core Scientific in a research report on Friday, July 17th. Finally, Keefe, Bruyette & Woods upgraded Core Scientific from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $25.00 to $28.00 in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $32.18.

Insider Buying and Selling

In other news, insider Todd M. Duchene sold 10,000 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $22.23, for a total transaction of $222,300.00. Following the completion of the transaction, the insider owned 1,979,101 shares of the company's stock, valued at $43,995,415.23. This represents a 0.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders sold 90,000 shares of company stock valued at $2,248,600. 1.70% of the stock is owned by insiders.

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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