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Envestnet Asset Management Inc. Boosts Holdings in Core Scientific, Inc. (NASDAQ:CORZ)

Core Scientific logo with Finance background

Key Points

  • Envestnet Asset Management Inc. increased its holdings in Core Scientific by 16.4%, owning 141,399 shares valued at approximately $1,024,000 as of the latest SEC filing.
  • Director Yadin Rozov purchased 110,000 shares at an average price of $10.87 each, raising his total ownership by 30.08%.
  • Core Scientific's stock has seen significant volatility, currently trading at $12.65, with a 52-week range between $6.20 and $18.63.
  • Interested in Core Scientific? Here are five stocks we like better.

Envestnet Asset Management Inc. boosted its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 16.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 141,399 shares of the company's stock after buying an additional 19,898 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Core Scientific were worth $1,024,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CORZ. Mirae Asset Global Investments Co. Ltd. bought a new stake in Core Scientific in the first quarter worth $50,000. GAMMA Investing LLC raised its position in shares of Core Scientific by 1,722.3% during the first quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock valued at $62,000 after buying an additional 8,095 shares during the last quarter. Merit Financial Group LLC bought a new stake in Core Scientific in the first quarter valued at about $74,000. KBC Group NV increased its stake in Core Scientific by 34.7% in the first quarter. KBC Group NV now owns 10,887 shares of the company's stock valued at $79,000 after acquiring an additional 2,805 shares during the period. Finally, Red Spruce Capital LLC bought a new stake in Core Scientific in the first quarter valued at about $92,000.

Core Scientific Trading Up 7.9%

Shares of CORZ stock traded up $1.00 during trading hours on Monday, hitting $13.65. 13,258,753 shares of the company's stock were exchanged, compared to its average volume of 16,344,112. The company has a market capitalization of $4.07 billion, a PE ratio of -2.71 and a beta of 6.62. Core Scientific, Inc. has a 12-month low of $6.20 and a 12-month high of $18.63. The business's 50 day simple moving average is $13.23 and its 200-day simple moving average is $10.99.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. During the same quarter in the prior year, the business posted $0.78 EPS. The firm's revenue for the quarter was down 55.6% on a year-over-year basis. Equities analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current year.

Analyst Ratings Changes

Several analysts have weighed in on CORZ shares. Macquarie cut shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $15.00 price objective on the stock. in a research note on Thursday, July 10th. Canaccord Genuity Group restated a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a report on Friday, June 27th. Roth Capital restated a "neutral" rating and issued a $20.00 price objective on shares of Core Scientific in a research report on Tuesday, July 8th. Roth Mkm reissued a "buy" rating and set a $20.00 price objective on shares of Core Scientific in a research report on Thursday, June 26th. Finally, HC Wainwright downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $18.32.

Get Our Latest Analysis on CORZ

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value of $96,134.01. Following the sale, the insider owned 2,049,689 shares in the company, valued at approximately $25,395,646.71. This represents a 0.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Yadin Rozov acquired 110,000 shares of the business's stock in a transaction on Wednesday, May 28th. The stock was acquired at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the acquisition, the director owned 475,687 shares of the company's stock, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 117,759 shares of company stock worth $1,391,434. Company insiders own 1.40% of the company's stock.

Core Scientific Company Profile

(Free Report)

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.

Read More

Institutional Ownership by Quarter for Core Scientific (NASDAQ:CORZ)

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