Legal & General Group Plc Acquires Shares of 206,626 Core Scientific, Inc. $CORZ

Key Points

• Legal & General Group Plc acquired 206,626 Core Scientific shares in the second quarter, worth approximately $5.29 million and representing about 0.06% of the company. Several other institutional investors also increased their positions.
• Analysts remain broadly positive, with Core Scientific receiving a consensus “Moderate Buy” rating and an average price target of $32.18; recent targets range from $28 to $36.
• Core Scientific reported a significant quarterly EPS miss, posting a loss of $3.32 per share versus expectations of a $0.06 loss, although revenue of $164.2 million exceeded estimates. Insiders have sold 100,000 shares over the past 90 days, despite one director purchasing 7,000 shares.

Legal & General Group Plc acquired a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 206,626 shares of the company's stock, valued at approximately $5,288,000. Legal & General Group Plc owned about 0.06% of Core Scientific at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. AQR Capital Management LLC lifted its position in Core Scientific by 106.1% in the 1st quarter. AQR Capital Management LLC now owns 283,432 shares of the company's stock valued at $2,052,000 after acquiring an additional 145,905 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Core Scientific by 180.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company's stock worth $8,032,000 after purchasing an additional 714,388 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of Core Scientific by 200.0% in the second quarter. Cetera Investment Advisers now owns 38,819 shares of the company's stock worth $663,000 after purchasing an additional 25,878 shares during the last quarter. Franklin Resources Inc. bought a new position in shares of Core Scientific in the second quarter valued at approximately $181,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Core Scientific by 61.9% in the second quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company's stock valued at $67,000 after purchasing an additional 1,507 shares in the last quarter.

Insider Buying and Selling

In other Core Scientific news, insider Todd DuChene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $17.45, for a total value of $174,500.00. Following the sale, the insider owned 1,937,896 shares of the company's stock, valued at approximately $33,816,285.20. The trade was a 0.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eric Weiss bought 7,000 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was bought at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the purchase, the director owned 259,262 shares of the company's stock, valued at approximately $4,975,237.78. The trade was a 2.77% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders sold 100,000 shares of company stock worth $2,360,300. Insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Capital One Financial set a $33.00 price target on Core Scientific in a report on Thursday, July 30th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Core Scientific in a research note on Friday, July 17th. Compass Point reissued a "buy" rating and set a $36.00 price target on shares of Core Scientific in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods raised shares of Core Scientific from a "market perform" rating to an "outperform" rating and raised their price target for the company from $25.00 to $28.00 in a research report on Thursday, July 30th. Finally, Canaccord Genuity Group boosted their price target on shares of Core Scientific from $30.00 to $36.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $32.18.

Core Scientific Trading Up 6.5%

CORZ stock opened at $17.90 on Friday. The stock has a market cap of $5.75 billion, a P/E ratio of -4.05 and a beta of 5.48. The stock's fifty day simple moving average is $20.92 and its two-hundred day simple moving average is $21.00. Core Scientific, Inc. has a 1-year low of $13.14 and a 1-year high of $30.46.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. As a group, analysts forecast that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

About Core Scientific

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

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