Mutual of America Capital Management LLC Increases Position in Core Scientific, Inc. $CORZ

Key Points

• Mutual of America Capital Management LLC increased its stake in Core Scientific, Inc. by 128.8% in Q2, owning 602,427 shares worth approximately $10.28 million.
• Core Scientific's stock has had a 12-month low of $6.20 and a high of $20.36, and currently has a consensus rating of "Hold" from analysts.
• The company reported a decline in quarterly revenue of 44.3% year-over-year, with Q2 earnings per share at ($0.04), surpassing the consensus estimate of ($0.07).

Mutual of America Capital Management LLC increased its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 128.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 602,427 shares of the company's stock after purchasing an additional 339,161 shares during the quarter. Mutual of America Capital Management LLC owned 0.20% of Core Scientific worth $10,283,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. State of Wyoming purchased a new position in shares of Core Scientific in the 1st quarter valued at about $34,000. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Core Scientific in the 1st quarter valued at about $38,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Core Scientific in the 1st quarter valued at about $50,000. Bernard Wealth Management Corp. purchased a new position in shares of Core Scientific in the 2nd quarter valued at about $51,000. Finally, CWM LLC increased its holdings in shares of Core Scientific by 403.9% in the 1st quarter. CWM LLC now owns 8,092 shares of the company's stock valued at $59,000 after purchasing an additional 6,486 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CORZ. Craig Hallum cut shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 7th. Citigroup cut shares of Core Scientific from an "outperform" rating to a "market perform" rating in a research note on Monday, July 14th. Roth Capital lowered their price objective on shares of Core Scientific from $20.00 to $17.00 and set a "neutral" rating on the stock in a research note on Friday, August 22nd. JMP Securities reissued a "market perform" rating on shares of Core Scientific in a research note on Tuesday, August 12th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Core Scientific in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $18.71.

Core Scientific Price Performance

Core Scientific stock opened at $19.00 on Monday. Core Scientific, Inc. has a 12-month low of $6.20 and a 12-month high of $20.36. The stock has a market capitalization of $5.84 billion, a P/E ratio of -33.93 and a beta of 6.58. The firm's 50-day moving average is $15.99 and its two-hundred day moving average is $12.94.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released 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 firm 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% on a year-over-year basis. As a group, analysts forecast 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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