Granahan Investment Management LLC Takes $1.63 Million Position in Core Scientific, Inc. $CORZ

Key Points

• Granahan Investment Management LLC has acquired a new stake in Core Scientific, investing approximately $1.63 million for 224,527 shares, representing a 0.08% ownership in the company.
• Several other institutional investors also increased or initiated stakes in Core Scientific during the first quarter, with notable increases including a 403.9% increase by CWM LLC and a 1,722.3% increase by GAMMA Investing LLC.
• Analysts have downgraded Core Scientific's ratings, with the consensus rating now at "Hold" and a target price of $18.32, reflecting a mixed sentiment among investment institutions.

Granahan Investment Management LLC acquired a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 224,527 shares of the company's stock, valued at approximately $1,626,000. Granahan Investment Management LLC owned about 0.08% of Core Scientific as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Wellington Management Group LLP lifted its position in shares of Core Scientific by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 11,967 shares of the company's stock valued at $87,000 after acquiring an additional 1,256 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Core Scientific by 17.8% during the 1st quarter. SBI Securities Co. Ltd. now owns 10,391 shares of the company's stock valued at $75,000 after acquiring an additional 1,567 shares during the last quarter. US Bancorp DE lifted its position in shares of Core Scientific by 23.7% during the 1st quarter. US Bancorp DE now owns 8,682 shares of the company's stock valued at $63,000 after acquiring an additional 1,663 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Core Scientific by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,393 shares of the company's stock valued at $126,000 after acquiring an additional 1,746 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Core Scientific by 1.3% during the 1st quarter. Deutsche Bank AG now owns 167,100 shares of the company's stock valued at $1,210,000 after acquiring an additional 2,068 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CORZ. Roth Mkm reiterated a "buy" rating and set a $20.00 price target on shares of Core Scientific in a report on Thursday, June 26th. BTIG Research downgraded Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price target on the stock. in a report on Monday, July 7th. Canaccord Genuity Group reiterated a "buy" rating and set a $17.00 price target on shares of Core Scientific in a report on Friday, June 27th. Arete began coverage on shares of Core Scientific in a research report on Tuesday, July 22nd. They set a "buy" rating and a $20.00 target price on the stock. Finally, Craig Hallum downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $18.32.

Insider Activity

In other news, insider Todd M. Duchene sold 7,759 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total value of $96,134.01. Following the sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.40% of the company's stock.

Core Scientific Trading Up 2.3%

Core Scientific stock traded up $0.31 during mid-day trading on Monday, hitting $13.93. 6,611,636 shares of the company's stock were exchanged, compared to its average volume of 15,485,163. The stock has a market cap of $4.25 billion, a P/E ratio of -24.88 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. The stock has a 50 day moving average of $14.14 and a two-hundred day moving average of $11.20.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.03. The business had revenue of $78.63 million for the quarter, compared to analyst estimates of $82.09 million. Core Scientific's revenue for the quarter was down 44.3% compared to the same quarter last year. As a group, research analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current fiscal 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.