Universal Beteiligungs und Servicegesellschaft mbH Sells 617,646 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH has significantly reduced its stake in Core Scientific, selling 617,646 shares, thus decreasing its holdings by 98.3% in the first quarter.
• In contrast, FMR LLC increased its position in Core Scientific by a staggering 2,937.7%, owning over 7.4 million shares worth approximately $104.5 million.
• Despite a report of a 55.6% revenue decline year-over-year, Core Scientific's stock has seen fluctuations, currently trading at $14.08 with a market cap of $4.19 billion.

Universal Beteiligungs und Servicegesellschaft mbH decreased its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 98.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,600 shares of the company's stock after selling 617,646 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH's holdings in Core Scientific were worth $77,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Emerald Mutual Fund Advisers Trust bought a new position in Core Scientific during the 1st quarter valued at about $38,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Core Scientific in the 1st quarter worth approximately $50,000. CWM LLC lifted its stake in shares of Core Scientific by 403.9% in the 1st quarter. CWM LLC now owns 8,092 shares of the company's stock worth $59,000 after purchasing an additional 6,486 shares during the period. GAMMA Investing LLC lifted its stake in shares of Core Scientific by 1,722.3% in the 1st quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock worth $62,000 after purchasing an additional 8,095 shares during the period. Finally, Bank of Montreal Can bought a new position in shares of Core Scientific in the 4th quarter worth approximately $142,000.

Insider Buying and Selling

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

Core Scientific Stock Performance

CORZ traded up $0.06 during trading on Friday, reaching $14.41. 16,617,880 shares of the company traded hands, compared to its average volume of 14,693,904. Core Scientific, Inc. has a 12-month low of $6.20 and a 12-month high of $18.63. The firm has a fifty day simple moving average of $13.56 and a 200 day simple moving average of $11.01. The company has a market cap of $4.29 billion, a P/E ratio of -2.86 and a beta of 6.60.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $78.63 million for the quarter, compared to analysts' expectations of $82.09 million. The firm's quarterly revenue was down 44.3% on a year-over-year basis. As a group, sell-side analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CORZ has been the topic of several recent research reports. Needham & Company LLC cut shares of Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price objective on the stock. in a research note on Thursday, July 10th. Barclays cut shares of Core Scientific to an "underweight" rating in a research note on Tuesday, July 8th. Canaccord Genuity Group reiterated a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Friday, June 27th. Roth Capital reiterated a "neutral" rating and issued a $20.00 price objective on shares of Core Scientific in a research note on Tuesday, July 8th. Finally, Roth Mkm reiterated a "buy" rating and issued a $20.00 price objective on shares of Core Scientific in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $18.32.

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.