Moody National Bank Trust Division Sells 46,482 Shares of Core Scientific, Inc. $CORZ

Key Points

• Moody National Bank Trust Division cut its Core Scientific stake by 42.6% in the second quarter, selling 46,482 shares and retaining 62,660 shares valued at approximately $1.6 million.
• Analyst sentiment remains broadly positive: Core Scientific has a “Moderate Buy” consensus rating and an average price target of $32.18, with several firms recently upgrading the stock or raising targets.
• 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.

Moody National Bank Trust Division trimmed its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 42.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 62,660 shares of the company's stock after selling 46,482 shares during the period. Moody National Bank Trust Division's holdings in Core Scientific were worth $1,603,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. CoreCap Advisors LLC bought a new stake in Core Scientific in the 2nd quarter valued at $36,000. Sapient Capital LLC acquired a new stake in Core Scientific during the 1st quarter valued at $209,000. NewEdge Advisors LLC boosted its position in Core Scientific by 4.7% during the first quarter. NewEdge Advisors LLC now owns 50,543 shares of the company's stock worth $756,000 after purchasing an additional 2,280 shares during the period. Glenmede Trust Co. NA increased its holdings in shares of Core Scientific by 147.2% in the first quarter. Glenmede Trust Co. NA now owns 53,640 shares of the company's stock valued at $802,000 after purchasing an additional 31,943 shares during the last quarter. Finally, Segall Bryant & Hamill LLC increased its holdings in shares of Core Scientific by 108.2% in the first quarter. Segall Bryant & Hamill LLC now owns 2,305,498 shares of the company's stock valued at $34,490,000 after purchasing an additional 1,198,020 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group increased their price objective on shares of Core Scientific from $24.00 to $37.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. Keefe, Bruyette & Woods upgraded shares of Core Scientific from a "market perform" rating to an "outperform" rating and upped their price target for the company from $25.00 to $28.00 in a research note on Thursday, July 30th. Wolfe Research reissued a "buy" rating on shares of Core Scientific in a report on Wednesday, July 29th. Freedom Capital upgraded Core Scientific from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. Finally, Lucid Cap Mkts raised Core Scientific to a "strong-buy" rating in a research report on Friday, June 12th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $32.18.

Insider Activity

In other news, insider Todd M. Duchene sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $22.23, for a total transaction of $222,300.00. Following the transaction, the insider directly owned 1,979,101 shares of the company's stock, valued at approximately $43,995,415.23. This trade represents a 0.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders have sold 90,000 shares of company stock worth $2,248,600. Corporate insiders own 1.70% of the company's stock.

Core Scientific Stock Performance

Shares of Core Scientific stock opened at $21.77 on Thursday. The firm has a 50-day moving average of $24.84 and a 200-day moving average of $20.93. Core Scientific, Inc. has a 52-week low of $13.14 and a 52-week high of $30.46. The stock has a market cap of $7.00 billion, a PE ratio of -4.93 and a beta of 5.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly 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 company had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. Equities research analysts predict that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Core Scientific Profile

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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