Harbor Capital Advisors Inc. Raises Stock Holdings in Core Scientific, Inc. $CORZ

Key Points

• Harbor Capital Advisors Inc. increased its stake in Core Scientific, Inc. by **45.2%**, acquiring an additional **75,602 shares**, bringing its total ownership to **242,786 shares** valued at around **$4.14 million**.
• Despite the increase in shareholding, Core Scientific's stock has faced volatility, with a **1-year low of $6.20** and a **1-year high of $18.63**, currently trading down **0.9%**.
• The company reported a quarterly earnings that surpassed expectations, with an **EPS of ($0.04)** compared to a consensus estimate of **($0.07)**, but revenue fell by **44.3%** year-over-year to **$78.63 million**.

Harbor Capital Advisors Inc. increased its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 45.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 242,786 shares of the company's stock after acquiring an additional 75,602 shares during the period. Harbor Capital Advisors Inc. owned approximately 0.08% of Core Scientific worth $4,144,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. State of Wyoming acquired a new stake in shares of Core Scientific in the first quarter worth $34,000. Emerald Mutual Fund Advisers Trust purchased a new position in Core Scientific during the first quarter worth about $38,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Core Scientific in the 1st quarter valued at about $50,000. CWM LLC grew 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 buying an additional 6,486 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Core Scientific by 1,722.3% during the 1st quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock valued at $62,000 after buying an additional 8,095 shares during the period.

Insiders Place Their Bets

In related news, insider Todd M. Duchene sold 7,759 shares of the firm's stock in a transaction that occurred on 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 sale, the insider directly owned 2,049,689 shares in the company, 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 filing with the SEC, which is available at the SEC website. 1.40% of the stock is currently owned by company insiders.

Core Scientific Stock Down 0.8%

Shares of Core Scientific stock traded down $0.13 during trading on Friday, reaching $16.62. The company's stock had a trading volume of 13,933,974 shares, compared to its average volume of 12,007,850. Core Scientific, Inc. has a 1-year low of $6.20 and a 1-year high of $18.63. The company has a 50-day simple moving average of $14.24 and a two-hundred day simple moving average of $11.56. The company has a market cap of $5.08 billion, a price-to-earnings ratio of -29.68 and a beta of 6.59.

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, beating the consensus estimate of ($0.07) by $0.03. The business had revenue of $78.63 million during the quarter, compared to analysts' expectations of $82.09 million. Core Scientific's revenue was down 44.3% compared to the same quarter last year. As a group, analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Analysts Set New Price Targets

CORZ has been the topic of several analyst reports. Barclays lowered shares of Core Scientific to an "underweight" rating in a report on Tuesday, July 8th. Citigroup lowered shares of Core Scientific from an "outperform" rating to a "market perform" rating in a research note on Monday, July 14th. Jefferies Financial Group increased their price target on shares of Core Scientific from $16.00 to $22.00 and gave the company a "buy" rating in a research report on Monday, August 18th. B. Riley lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. Finally, JMP Securities restated a "market perform" rating on shares of Core Scientific in a research report on Tuesday, August 12th. 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 issued a Sell rating to the stock. According to data from MarketBeat.com, Core Scientific currently has an average rating of "Hold" and an average target price of $18.39.

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.