Nations Financial Group Inc. IA ADV Takes Position in Core Scientific, Inc. $CORZ

Key Points

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Nations Financial Group Inc. IA ADV acquired a new stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 17,447 shares of the company's stock, valued at approximately $126,000.

Several other institutional investors and hedge funds have also modified their holdings of CORZ. Wells Fargo & Company MN lifted its holdings in shares of Core Scientific by 41.7% in the 4th quarter. Wells Fargo & Company MN now owns 100,848 shares of the company's stock valued at $1,417,000 after buying an additional 29,669 shares during the period. Envestnet Asset Management Inc. acquired a new position in shares of Core Scientific in the 4th quarter valued at about $1,707,000. Bank of Montreal Can acquired a new position in shares of Core Scientific in the 4th quarter valued at about $142,000. Legal & General Group Plc lifted its holdings in shares of Core Scientific by 30.3% in the 4th quarter. Legal & General Group Plc now owns 194,368 shares of the company's stock valued at $2,731,000 after buying an additional 45,189 shares during the period. Finally, Summit Investment Advisors Inc. lifted its holdings in shares of Core Scientific by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company's stock valued at $262,000 after buying an additional 1,185 shares during the period.

Insider Activity at Core Scientific

In related news, Director Yadin Rozov purchased 110,000 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was purchased at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the acquisition, the director owned 475,687 shares in the company, valued at $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Todd M. Duchene sold 7,759 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value of $96,134.01. Following the completion of the sale, the insider directly owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. This represents a 0.38% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 117,759 shares of company stock valued at $1,391,434. Insiders own 1.40% of the company's stock.

Core Scientific Price Performance

NASDAQ CORZ opened at $14.53 on Tuesday. The company has a market cap of $4.44 billion, a PE ratio of -25.95 and a beta of 6.60. The stock's 50 day simple moving average is $13.84 and its 200-day simple moving average is $11.02. 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 posted its quarterly earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03. The company had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The firm's revenue was down 44.3% compared to the same quarter last year. On average, equities research analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CORZ. Citizens Jmp cut Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 14th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a report on Friday, June 27th. Craig Hallum cut Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 7th. JMP Securities reaffirmed a "market perform" rating on shares of Core Scientific in a report on Tuesday, August 12th. Finally, Needham & Company LLC cut Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price target for the company. in a report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Core Scientific currently has a consensus rating of "Hold" and a consensus price target of $18.47.

About Core Scientific

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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