Joel Isaacson & Co. LLC Cuts Stake in Core Scientific, Inc. $CORZ

Key Points

• Joel Isaacson & Co. LLC has reduced its stake in Core Scientific by 41.4%, now holding 33,983 shares worth approximately $580,000.
• Several other institutional investors have increased their positions in Core Scientific, with Oppenheimer Asset Management boosting its stake by 229.9% during Q1.
• Core Scientific reported a revenue decline of 44.3% year-over-year, with a quarterly revenue of $78.63 million, while slightly exceeding EPS expectations.

Joel Isaacson & Co. LLC decreased its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 41.4% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,983 shares of the company's stock after selling 24,028 shares during the period. Joel Isaacson & Co. LLC's holdings in Core Scientific were worth $580,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. boosted its stake in shares of Core Scientific by 229.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock valued at $272,000 after purchasing an additional 26,135 shares in the last quarter. Heritage Oak Wealth Advisors LLC boosted its position in Core Scientific by 2.4% during the 2nd quarter. Heritage Oak Wealth Advisors LLC now owns 753,846 shares of the company's stock valued at $12,868,000 after buying an additional 17,709 shares during the period. Summit Trail Advisors LLC purchased a new stake in Core Scientific during the 1st quarter valued at $357,000. Anson Funds Management LP purchased a new stake in Core Scientific during the 1st quarter valued at $689,000. Finally, Red Spruce Capital LLC boosted its position in Core Scientific by 161.3% during the 2nd quarter. Red Spruce Capital LLC now owns 33,221 shares of the company's stock valued at $567,000 after buying an additional 20,508 shares during the period.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CORZ. 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. Roth Mkm reissued a "buy" rating and set a $20.00 price target on shares of Core Scientific in a research report on Thursday, June 26th. Canaccord Genuity Group reissued a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research report on Friday, June 27th. Oppenheimer reaffirmed a "market perform" rating on shares of Core Scientific in a research report on Monday, July 7th. Finally, Citizens Jmp cut shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $18.71.

Core Scientific Price Performance

Shares of Core Scientific stock opened at $17.10 on Wednesday. The company has a 50-day moving average of $15.17 and a 200 day moving average of $12.31. The firm has a market cap of $5.26 billion, a price-to-earnings ratio of -30.54 and a beta of 6.58. 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 issued its quarterly earnings results on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.03. The business had revenue of $78.63 million during the quarter, compared to the consensus estimate of $82.09 million. The company's revenue for the quarter was down 44.3% on a year-over-year basis. On average, equities analysts anticipate that Core Scientific, Inc. will post 0.52 EPS 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.

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