Core Scientific, Inc. (NASDAQ:CORZ) Shares Sold by New York State Common Retirement Fund

Key Points

• The New York State Common Retirement Fund reduced its stake in Core Scientific, Inc. by 71.5% in the first quarter, now holding 53,329 shares valued at approximately $386,000.
• Core Scientific received several downgrades from analysts, with Needham & Company lowering its rating from “moderate buy” to “hold” and setting a price objective of $18.00.
• Director Yadin Rozov purchased 110,000 shares of Core Scientific at $10.87 per share, indicating a significant investment in the company's future.

New York State Common Retirement Fund decreased its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 71.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,329 shares of the company's stock after selling 133,852 shares during the quarter. New York State Common Retirement Fund's holdings in Core Scientific were worth $386,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Oppenheimer Asset Management Inc. raised its stake in Core Scientific by 229.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock valued at $272,000 after purchasing an additional 26,135 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Core Scientific during the fourth quarter worth $527,000. Summit Trail Advisors LLC acquired a new stake in shares of Core Scientific in the first quarter valued at about $357,000. Deutsche Bank AG raised its position in shares of Core Scientific by 53.8% in the fourth quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock valued at $2,319,000 after buying an additional 57,742 shares during the last quarter. Finally, Millennium Management LLC purchased a new position in shares of Core Scientific in the fourth quarter worth about $1,335,000.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CORZ. Needham & Company LLC cut shares of Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price objective for the company. in a research note on Thursday, July 10th. Citizens Jmp downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 14th. Craig Hallum lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 7th. Citigroup downgraded Core Scientific from an "outperform" rating to a "market perform" rating in a research note on Monday, July 14th. Finally, B. Riley lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Core Scientific has a consensus rating of "Hold" and a consensus target price of $18.32.

Insider Transactions at Core Scientific

In other Core Scientific news, Director Yadin Rozov purchased 110,000 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were bought at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the purchase, the director directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Todd M. Duchene sold 60,000 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total transaction of $679,800.00. Following the sale, the insider directly owned 2,100,102 shares in the company, valued at $23,794,155.66. This represents a 2.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 117,759 shares of company stock valued at $1,391,434 over the last 90 days. 1.40% of the stock is currently owned by company insiders.

Core Scientific Stock Performance

Core Scientific stock opened at $13.76 on Friday. The company has a market capitalization of $4.10 billion, a PE ratio of -2.74 and a beta of 6.71. Core Scientific, Inc. has a fifty-two week low of $6.20 and a fifty-two week high of $18.63. The firm has a 50 day moving average price of $12.99 and a 200 day moving average price of $11.04.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to analyst estimates of $92.04 million. The company's quarterly revenue was down 55.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.78 earnings per share. As a group, equities research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

About Core Scientific

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.