Core Scientific, Inc. $CORZ Stock: CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Boosts Holdings

Key Points

• NXG Investment Management increased its Core Scientific stake by 5,468.6% in the third quarter, acquiring 382,800 additional shares for a total holding of 389,800 shares valued at approximately $6.2 million.
• Other institutional investors also expanded their positions, including Bank of America, which increased its stake by 412.5%, and Wellington Management, which raised its holdings by 45%.
• Core Scientific reported a quarterly loss of $3.32 per share, far below the $0.06 loss analysts expected, despite revenue of $164.2 million. Analysts maintained a “Moderate Buy” consensus, while the company continues shifting from bitcoin mining toward high-performance computing and AI infrastructure.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 5,468.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 389,800 shares of the company's stock after purchasing an additional 382,800 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.12% of Core Scientific worth $6,229,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CORZ. Bank of America Corp DE raised its position in shares of Core Scientific by 412.5% in the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company's stock worth $71,903,000 after acquiring an additional 3,868,535 shares in the last quarter. California State Teachers Retirement System lifted its stake in shares of Core Scientific by 22.1% in the 1st quarter. California State Teachers Retirement System now owns 288,936 shares of the company's stock valued at $4,322,000 after purchasing an additional 52,260 shares during the period. Man Group plc bought a new stake in shares of Core Scientific during the 2nd quarter valued at about $1,986,000. Wellington Management Group LLP grew its stake in Core Scientific by 45.0% during the second quarter. Wellington Management Group LLP now owns 1,123,721 shares of the company's stock worth $28,756,000 after purchasing an additional 348,645 shares during the period. Finally, Union Square Park Capital Management LLC acquired a new stake in Core Scientific during the first quarter worth approximately $1,496,000.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the business's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $19.97, for a total transaction of $199,700.00. Following the transaction, the insider directly owned 1,969,101 shares of the company's stock, valued at approximately $39,322,946.97. The trade was a 0.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric Weiss acquired 7,000 shares of Core Scientific stock in a transaction on Tuesday, August 18th. The shares were bought at an average cost of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the transaction, the director owned 259,262 shares in the company, valued at approximately $4,975,237.78. This trade represents a 2.77% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have purchased 19,000 shares of company stock valued at $342,290 and have sold 90,000 shares valued at $1,587,500. 1.70% of the stock is owned by corporate insiders.

Core Scientific Stock Up 3.1%

Core Scientific stock opened at $13.51 on Tuesday. Core Scientific, Inc. has a fifty-two week low of $12.31 and a fifty-two week high of $30.46. The firm's fifty day moving average price is $16.57 and its 200-day moving average price is $19.68.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The business had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. On average, sell-side analysts expect that Core Scientific, Inc. will post -1.36 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. B. Riley Financial boosted their price target on Core Scientific from $33.00 to $42.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Capital One Financial set a $33.00 price objective on shares of Core Scientific in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Core Scientific in a research report on Thursday, October 15th. Compass Point reiterated a "buy" rating and issued a $36.00 price objective on shares of Core Scientific in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods raised Core Scientific from a "market perform" rating to an "outperform" rating and upped their price target for the stock from $25.00 to $28.00 in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $31.78.

About Core Scientific

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.

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