Deutsche Bank AG Purchases Shares of 385,254 Core Scientific, Inc. $CORZ

Key Points

• Deutsche Bank initiated a position of 385,254 Core Scientific shares worth approximately $9.86 million, representing 0.12% ownership. Several other institutional investors also increased or initiated stakes.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $32.18, despite one sell rating.
• Core Scientific reported quarterly revenue of $164.2 million, exceeding estimates, but its adjusted loss of $3.32 per share fell far short of the expected $0.06 loss. Shares opened at $17.81, well below the 52-week high of $30.46.

Deutsche Bank AG purchased a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm purchased 385,254 shares of the company's stock, valued at approximately $9,859,000. Deutsche Bank AG owned 0.12% of Core Scientific at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CORZ. Allworth Financial LP lifted its stake in shares of Core Scientific by 206.5% in the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company's stock valued at $25,000 after purchasing an additional 950 shares during the period. Larson Financial Group LLC grew its stake in Core Scientific by 936.7% during the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company's stock worth $27,000 after purchasing an additional 1,686 shares during the period. Osaic Holdings Inc. grew its stake in Core Scientific by 112.1% during the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock worth $34,000 after purchasing an additional 1,066 shares during the period. Danske Bank A S acquired a new stake in Core Scientific during the fourth quarter worth approximately $36,000. Finally, CoreCap Advisors LLC bought a new stake in Core Scientific in the second quarter worth approximately $36,000.

Insider Buying and Selling

In other news, insider Todd M. Duchene sold 10,000 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $19.97, for a total transaction of $199,700.00. Following the completion of the sale, the insider owned 1,969,101 shares in the company, valued at $39,322,946.97. The trade was a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Eric Stanton Weiss bought 7,000 shares of the stock in a transaction dated Tuesday, August 18th. The shares were purchased 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 directly owned 259,262 shares of the company's stock, valued at $4,975,237.78. This trade represents a 2.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold 100,000 shares of company stock valued at $2,448,300 in the last three months. Insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

CORZ has been the topic of several recent analyst reports. Needham & Company LLC boosted their price target on Core Scientific from $29.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Core Scientific in a research report on Friday, July 17th. Wolfe Research reiterated a "buy" rating on shares of Core Scientific in a research note on Wednesday, July 29th. Capital One Financial set a $33.00 price objective on shares of Core Scientific in a research note on Thursday, July 30th. Finally, BTIG Research reiterated a "buy" rating and set a $38.00 target price on shares of Core Scientific in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Core Scientific has a consensus rating of "Moderate Buy" and a consensus price target of $32.18.

Core Scientific Price Performance

Shares of CORZ opened at $17.81 on Monday. Core Scientific, Inc. has a one year low of $13.14 and a one year high of $30.46. The company has a market cap of $5.72 billion, a PE ratio of -4.03 and a beta of 5.59. The stock has a 50-day moving average of $22.97 and a 200-day moving average of $21.01.

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

Core Scientific Company Profile

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.