MAI Capital Management Has $563,000 Stock Holdings in Core Scientific, Inc. $CORZ

Key Points

• MAI Capital Management reduced its stake in Core Scientific, Inc. (NASDAQ:CORZ) by 68.8%, selling 171,772 shares and leaving it with 77,733 shares valued at $563,000.
• Core Scientific reported a 44.3% year-over-year decline in quarterly revenue, with earnings per share of ($0.04), surpassing analyst expectations by $0.03.
• Analyst ratings for Core Scientific include one Strong Buy, nine Buy, eleven Hold, and one Sell, with an average price target of $18.32.

MAI Capital Management decreased its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 68.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 77,733 shares of the company's stock after selling 171,772 shares during the period. MAI Capital Management's holdings in Core Scientific were worth $563,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. State of Wyoming bought a new position in Core Scientific in the first quarter valued at about $34,000. Emerald Mutual Fund Advisers Trust bought a new position in Core Scientific in the first quarter valued at about $38,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Core Scientific in the first quarter valued at about $50,000. CWM LLC boosted its holdings in Core Scientific by 403.9% in the first quarter. CWM LLC now owns 8,092 shares of the company's stock valued at $59,000 after acquiring an additional 6,486 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Core Scientific by 1,722.3% in the first quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock valued at $62,000 after acquiring an additional 8,095 shares during the last quarter.

Insider Activity at Core Scientific

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 transaction of $96,134.01. Following the sale, the insider owned 2,049,689 shares of the company's stock, valued at $25,395,646.71. This trade represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CORZ shares. BTIG Research cut 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 reissued a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research note on Friday, June 27th. JMP Securities reissued a "market perform" rating on shares of Core Scientific in a research note on Tuesday, August 12th. Roth Capital cut their target price on Core Scientific from $20.00 to $17.00 and set a "neutral" rating on the stock in a research note on Friday, August 22nd. Finally, Macquarie reissued a "neutral" rating and issued a $15.00 target price on shares of Core Scientific in a research note on Tuesday, August 19th. One equities research 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 issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $18.32.

Core Scientific Trading Up 4.4%

Shares of NASDAQ CORZ traded up $0.62 during mid-day trading on Tuesday, reaching $14.55. 18,198,220 shares of the company's stock were exchanged, compared to its average volume of 16,236,112. The firm has a market capitalization of $4.44 billion, a price-to-earnings ratio of -25.98 and a beta of 6.59. The business has a fifty day simple moving average of $14.14 and a 200 day simple moving average of $11.20. Core Scientific, Inc. has a twelve month low of $6.20 and a twelve month high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates 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. The firm's quarterly revenue was down 44.3% compared to the same quarter last year. Equities research analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal 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.