Core Scientific, Inc. $CORZ Shares Purchased by Vanguard Group Inc.

Key Points

• Vanguard Group increased its stake in Core Scientific by 18.7% in Q4 to 33,960,320 shares, representing about 10.95% ownership worth roughly $494.5 million.
• Brokerages have turned broadly positive, with multiple price-target raises and a MarketBeat consensus rating of "Moderate Buy" and a consensus target price of $25.07.
• Core Scientific beat EPS estimates with $0.42 (vs. -$0.27 expected) but missed on revenue ($79.76M vs. $118.45M expected) and saw revenue down 16% year-over-year; the stock trades around $22 with a market cap near $7.0 billion.

Vanguard Group Inc. raised its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 18.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,960,320 shares of the company's stock after acquiring an additional 5,359,710 shares during the quarter. Vanguard Group Inc. owned approximately 10.95% of Core Scientific worth $494,462,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Concurrent Investment Advisors LLC boosted its stake in shares of Core Scientific by 35.8% during the fourth quarter. Concurrent Investment Advisors LLC now owns 309,879 shares of the company's stock valued at $4,512,000 after acquiring an additional 81,633 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Core Scientific by 11.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 94,557 shares of the company's stock valued at $1,377,000 after purchasing an additional 9,800 shares in the last quarter. Nations Financial Group Inc. IA ADV purchased a new position in Core Scientific in the 4th quarter valued at about $2,980,000. CWM LLC boosted its stake in shares of Core Scientific by 286.7% during the 4th quarter. CWM LLC now owns 8,036 shares of the company's stock worth $117,000 after purchasing an additional 5,958 shares during the last quarter. Finally, Capelight Capital Asset Management LP purchased a new stake in shares of Core Scientific during the fourth quarter worth about $655,000.

Insider Activity

In related news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $20.94, for a total transaction of $209,400.00. Following the completion of the sale, the insider owned 1,990,348 shares of the company's stock, valued at approximately $41,677,887.12. This represents a 0.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders sold 40,000 shares of company stock worth $724,800. 1.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on CORZ. HC Wainwright reissued a "buy" rating and set a $25.00 price objective on shares of Core Scientific in a research note 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 note on Tuesday, January 27th. Canaccord Genuity Group increased their price target on Core Scientific from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, March 4th. Cantor Fitzgerald raised their price objective on Core Scientific from $25.00 to $29.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Finally, Needham & Company LLC raised Core Scientific from a "hold" rating to a "buy" rating and set a $23.00 price objective for the company in a research report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $25.07.

Core Scientific Stock Up 5.2%

NASDAQ:CORZ opened at $22.19 on Wednesday. The company has a market cap of $7.00 billion, a P/E ratio of 18.97 and a beta of 5.45. The firm's 50 day moving average is $17.51 and its two-hundred day moving average is $17.43. Core Scientific, Inc. has a fifty-two week low of $8.47 and a fifty-two week high of $23.63.

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

Core Scientific Company Profile

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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