Invesco Ltd. Increases Position in Core Scientific, Inc. $CORZ

Key Points

• Invesco Ltd. increased its stake in Core Scientific by 2.0%, owning over 2.17 million shares valued at approximately $15.7 million as of the end of the last quarter.
• Core Scientific has seen significant institutional interest, with Oppenheimer Asset Management increasing its holdings by nearly 230% and other firms also boosting their positions.
• The stock has recently faced mixed analyst ratings, with Barclays downgrading it to "underweight," while Canaccord Genuity set a price target of $17.00, reflecting a diverse range of analyst opinions.

Invesco Ltd. lifted its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 2.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,174,345 shares of the company's stock after buying an additional 41,825 shares during the period. Invesco Ltd. owned approximately 0.74% of Core Scientific worth $15,742,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CORZ. Driehaus Capital Management LLC grew its position in shares of Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock valued at $144,212,000 after buying an additional 5,424,901 shares during the last quarter. Fred Alger Management LLC purchased a new position in shares of Core Scientific in the 4th quarter valued at $62,011,000. Beryl Capital Management LLC boosted its stake in Core Scientific by 24.3% during the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company's stock worth $255,423,000 after purchasing an additional 3,548,396 shares during the period. Jericho Capital Asset Management L.P. acquired a new stake in Core Scientific during the 4th quarter worth $39,240,000. Finally, Lord Abbett & CO. LLC acquired a new stake in Core Scientific during the 4th quarter worth $38,721,000.

Core Scientific Price Performance

Shares of CORZ stock traded up $0.15 during mid-day trading on Thursday, hitting $14.35. The stock had a trading volume of 10,583,192 shares, compared to its average volume of 18,127,266. Core Scientific, Inc. has a fifty-two week low of $6.20 and a fifty-two week high of $18.63. The firm has a market cap of $4.38 billion, a PE ratio of -25.63 and a beta of 6.60. The company's 50-day simple moving average is $14.14 and its 200-day simple moving average is $11.12.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released 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 firm had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The business's revenue was down 44.3% on a year-over-year basis. On average, analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on CORZ shares. 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 note on Friday, August 22nd. Roth Mkm reiterated a "buy" rating and set a $20.00 price target on shares of Core Scientific in a research note on Thursday, June 26th. HC Wainwright reiterated a "neutral" rating on shares of Core Scientific in a research note on Monday, August 11th. Canaccord Genuity Group reiterated a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research note on Friday, June 27th. Finally, Arete started coverage on shares of Core Scientific in a research note on Tuesday, July 22nd. They set a "buy" rating and a $20.00 price target for the company. One research 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 assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $18.32.

Insider Activity at Core Scientific

In other news, insider Todd M. Duchene sold 7,759 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value of $96,134.01. Following the completion of the transaction, the insider owned 2,049,689 shares in the company, valued at $25,395,646.71. This trade represents a 0.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders have sold 117,759 shares of company stock valued at $1,391,434. 1.40% of the stock is currently owned by company insiders.

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.