Cresset Asset Management LLC Increases Stock Holdings in Core Scientific, Inc. $CORZ

Key Points

• Cresset Asset Management LLC significantly increased its stake in Core Scientific, Inc. by 321.6% during the 1st quarter, acquiring an additional 114,710 shares to total 150,378 shares valued at approximately $1.09 million.
• Core Scientific's shares are currently trading down 2.1%, with a market cap of $4.21 billion and a 1-year price range between $6.20 and $18.63.
• The company reported a quarterly loss of ($0.04) earnings per share, exceeding analyst estimates, but faced a 44.3% drop in revenue year-over-year.

Cresset Asset Management LLC increased its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 321.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,378 shares of the company's stock after purchasing an additional 114,710 shares during the quarter. Cresset Asset Management LLC owned approximately 0.05% of Core Scientific worth $1,089,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. increased its stake in shares of Core Scientific by 229.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock valued at $272,000 after buying an additional 26,135 shares during the period. Summit Trail Advisors LLC bought a new stake in shares of Core Scientific in the 1st quarter valued at $357,000. Deutsche Bank AG grew its stake in Core Scientific by 53.8% during the fourth quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock worth $2,319,000 after purchasing an additional 57,742 shares during the period. Millennium Management LLC acquired a new stake in Core Scientific during the fourth quarter worth approximately $1,335,000. Finally, Teacher Retirement System of Texas acquired a new stake in Core Scientific during the first quarter worth approximately $234,000.

Analyst Ratings Changes

A number of research firms recently weighed in on CORZ. HC Wainwright reaffirmed a "neutral" rating on shares of Core Scientific in a research note on Monday, August 11th. Macquarie reaffirmed a "neutral" rating and set a $15.00 price target on shares of Core Scientific in a research note on Tuesday, August 19th. Citizens Jmp downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 14th. JMP Securities reaffirmed a "market perform" rating on shares of Core Scientific in a research note on Tuesday, August 12th. Finally, Barclays lowered shares of Core Scientific to an "underweight" rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $18.32.

Core Scientific Stock Performance

NASDAQ:CORZ traded up $0.42 on Tuesday, hitting $14.10. The stock had a trading volume of 4,163,023 shares, compared to its average volume of 16,570,277. The stock has a market cap of $4.30 billion, a P/E ratio of -25.11 and a beta of 6.60. Core Scientific, Inc. has a 1 year low of $6.20 and a 1 year high of $18.63. The firm's fifty day simple moving average is $14.01 and its two-hundred day simple moving average is $11.07.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Friday, August 8th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03. The firm had revenue of $78.63 million during the quarter, compared to analysts' expectations of $82.09 million. The company's revenue for the quarter was down 44.3% on a year-over-year basis. Equities research analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Transactions at Core Scientific

In related news, Director Yadin Rozov bought 110,000 shares of the company's stock in a transaction on Wednesday, May 28th. The shares were purchased 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 in the company, valued at $5,170,717.69. The trade was a 30.08% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Todd M. Duchene sold 7,759 shares of the business's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total transaction of $96,134.01. Following the completion of the transaction, the insider owned 2,049,689 shares in the company, valued at approximately $25,395,646.71. The trade was a 0.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 117,759 shares of company stock valued at $1,391,434 in the last 90 days. 1.40% of the stock is currently owned by corporate insiders.

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.