Vident Advisory LLC Increases Stock Holdings in Core Scientific, Inc. $CORZ

Key Points

• Vident Advisory LLC increased its ownership in Core Scientific by 11.5%, acquiring 253,097 shares during the first quarter, bringing its total holdings to 2,445,322 shares valued at approximately $17.7 million.
• Core Scientific's stock reached $14.35 with a market cap of $4.38 billion, after reporting a quarterly loss of ($0.04) earnings per share, exceeding analysts' expectations.
• Analysts have mixed ratings on Core Scientific, with one firm labeling it as a "strong-buy", while others maintain a "hold" rating, indicating varied investor sentiments about its future performance.

Vident Advisory LLC increased its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 11.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,445,322 shares of the company's stock after acquiring an additional 253,097 shares during the quarter. Vident Advisory LLC owned approximately 0.82% of Core Scientific worth $17,704,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CORZ. First Trust Advisors LP lifted its stake in Core Scientific by 33.0% in the fourth quarter. First Trust Advisors LP now owns 203,036 shares of the company's stock worth $2,853,000 after acquiring an additional 50,331 shares during the period. MetLife Investment Management LLC lifted its position in shares of Core Scientific by 5.6% during the fourth quarter. MetLife Investment Management LLC now owns 109,369 shares of the company's stock valued at $1,537,000 after buying an additional 5,786 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Core Scientific by 48.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 155,917 shares of the company's stock valued at $2,191,000 after buying an additional 50,758 shares during the last quarter. Kovitz Investment Group Partners LLC purchased a new stake in shares of Core Scientific during the fourth quarter valued at about $154,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Core Scientific during the fourth quarter valued at about $185,000.

Insider Activity

In other news, insider Todd M. Duchene sold 50,000 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $12.31, for a total transaction of $615,500.00. Following the transaction, the insider owned 2,050,102 shares in the company, valued at $25,236,755.62. This trade represents a 2.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on CORZ. HC Wainwright reissued a "neutral" rating on shares of Core Scientific in a research report on Monday, August 11th. B. Riley lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. Jefferies Financial Group increased their price target on shares of Core Scientific from $16.00 to $22.00 and gave the company a "buy" rating in a research report on Monday, August 18th. Canaccord Genuity Group reissued a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research report on Friday, June 27th. Finally, Arete initiated coverage on shares of Core Scientific in a research report on Tuesday, July 22nd. They set a "buy" rating and a $20.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Core Scientific presently has an average rating of "Hold" and a consensus target price of $18.32.

Core Scientific Stock Down 2.4%

Shares of NASDAQ CORZ traded down $0.35 during midday trading on Tuesday, reaching $14.00. 11,066,918 shares of the stock were exchanged, compared to its average volume of 16,431,412. The firm has a market cap of $4.28 billion, a price-to-earnings ratio of -25.00 and a beta of 6.59. Core Scientific, Inc. has a twelve month low of $6.20 and a twelve month high of $18.63. The firm has a 50-day simple moving average of $14.25 and a two-hundred day simple moving average of $11.13.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. The business had revenue of $78.63 million for the quarter, compared to analysts' expectations of $82.09 million. The company's revenue for the quarter was down 44.3% on a year-over-year basis. Research analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Core Scientific 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.