Core Scientific, Inc. $CORZ Stake Trimmed by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC reduced its stake in Core Scientific by 33.1% in Q2, selling 334,049 shares and retaining 675,545 shares valued at approximately $11.53 million.
• Several large investors increased their positions in Core Scientific, including Oppenheimer Asset Management, which raised its stake by 229.9%.
• Analysts have given mixed ratings on Core Scientific, with an average target price of $18.39 and a general consensus rating of "Hold."

Exchange Traded Concepts LLC trimmed its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 33.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 675,545 shares of the company's stock after selling 334,049 shares during the period. Exchange Traded Concepts LLC owned about 0.23% of Core Scientific worth $11,532,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Oppenheimer Asset Management Inc. lifted its holdings in shares of Core Scientific by 229.9% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock worth $272,000 after acquiring an additional 26,135 shares during the period. Summit Trail Advisors LLC purchased a new position in shares of Core Scientific during the 1st quarter worth about $357,000. Anson Funds Management LP purchased a new position in shares of Core Scientific during the 1st quarter worth about $689,000. Deutsche Bank AG lifted its holdings in shares of Core Scientific by 53.8% during the 4th quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock worth $2,319,000 after acquiring an additional 57,742 shares during the period. Finally, Red Spruce Capital LLC lifted its holdings in shares of Core Scientific by 161.3% during the 2nd quarter. Red Spruce Capital LLC now owns 33,221 shares of the company's stock worth $567,000 after acquiring an additional 20,508 shares during the period.

Analysts Set New Price Targets

CORZ has been the subject of a number of research analyst reports. Compass Point initiated coverage on shares of Core Scientific in a research report on Monday. They set a "buy" rating for the company. HC Wainwright reaffirmed a "neutral" rating on shares of Core Scientific in a research report on Monday, August 11th. Roth Capital decreased their price target on shares of Core Scientific from $20.00 to $17.00 and set a "neutral" rating for the company in a research report on Friday, August 22nd. JMP Securities restated a "market perform" rating on shares of Core Scientific in a research note on Tuesday, August 12th. Finally, BTIG Research cut Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price on the stock. in a research note on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $18.39.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total transaction of $96,134.01. Following the transaction, the insider directly owned 2,049,689 shares of the company's stock, valued at $25,395,646.71. The trade was a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.40% of the stock is currently owned by insiders.

Core Scientific Trading Down 0.8%

NASDAQ:CORZ traded down $0.13 during mid-day trading on Friday, reaching $16.62. 13,933,974 shares of the stock were exchanged, compared to its average volume of 12,007,850. The business has a fifty day moving average price of $14.24 and a 200 day moving average price of $11.54. The firm has a market capitalization of $5.08 billion, a PE ratio of -29.68 and a beta of 6.59. Core Scientific, Inc. has a 1-year low of $6.20 and a 1-year high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.03. The firm had revenue of $78.63 million for the quarter, compared to analyst estimates of $82.09 million. The firm's quarterly revenue was down 44.3% compared to the same quarter last year. On average, sell-side analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

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.