Core Scientific, Inc. $CORZ Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors cut its Core Scientific stake by 13.5% in the first quarter, selling 127,070 shares and retaining 814,454 shares worth approximately $12.2 million.
• Core Scientific reported quarterly revenue of $164.2 million, above analyst estimates of $144.8 million, but its adjusted loss of $3.32 per share was significantly worse than the expected $0.06 loss.
• Analysts remain broadly optimistic, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $32.18, compared with a recent share price of $21.01.

Dimensional Fund Advisors LP decreased its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 13.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 814,454 shares of the company's stock after selling 127,070 shares during the period. Dimensional Fund Advisors LP owned about 0.26% of Core Scientific worth $12,184,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Xponance LLC boosted its holdings in shares of Core Scientific by 2.5% in the 4th quarter. Xponance LLC now owns 22,896 shares of the company's stock valued at $333,000 after buying an additional 562 shares during the period. Orion Porfolio Solutions LLC lifted its holdings in Core Scientific by 5.2% in the third quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company's stock worth $279,000 after acquiring an additional 766 shares during the last quarter. Bank of Montreal Can lifted its holdings in Core Scientific by 4.2% in the fourth quarter. Bank of Montreal Can now owns 21,592 shares of the company's stock worth $314,000 after acquiring an additional 869 shares during the last quarter. Allworth Financial LP boosted its stake in Core Scientific by 206.5% in the third quarter. Allworth Financial LP now owns 1,410 shares of the company's stock valued at $25,000 after acquiring an additional 950 shares during the period. Finally, Pathstone Holdings LLC boosted its stake in Core Scientific by 1.3% in the third quarter. Pathstone Holdings LLC now owns 76,094 shares of the company's stock valued at $1,365,000 after acquiring an additional 967 shares during the period.

Core Scientific Stock Performance

Shares of CORZ opened at $21.01 on Friday. The firm 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 one year low of $13.14 and a one year high of $30.46. The stock's fifty day moving average is $24.59 and its 200-day moving average is $20.95.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The company had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. Analysts forecast that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Canaccord Genuity Group upped their target price on Core Scientific from $30.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Jefferies Financial Group boosted their price objective on Core Scientific from $24.00 to $37.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. Lucid Cap Mkts upgraded Core Scientific to a "strong-buy" rating in a research note on Friday, June 12th. Loop Capital set a $40.00 target price on Core Scientific in a research report on Friday, June 12th. Finally, Capital One Financial set a $33.00 target price on Core Scientific in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Core Scientific presently has an average rating of "Moderate Buy" and an average target price of $32.18.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $22.23, for a total value of $222,300.00. Following the completion of the transaction, the insider directly owned 1,979,101 shares in the company, valued at $43,995,415.23. This trade represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 90,000 shares of company stock valued at $2,248,600. Corporate insiders own 1.70% of the company's stock.

Core Scientific 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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