Northern Trust Corp Has $12.52 Million Position in Core Scientific, Inc. $CORZ

Key Points

• Northern Trust Corp has reduced its stake in Core Scientific, selling 106,699 shares to hold approximately 1.73 million shares, valued at around $12.52 million as of the latest filing.
• Core Scientific experienced a 44.3% decline in quarterly revenue year-over-year, reporting $78.63 million in revenue despite surpassing earnings estimates with an EPS of ($0.04).
• Recent analyst ratings for Core Scientific have varied, with Jefferies Financial Group raising the target price to $22.00, while other firms like BTIG Research and Roth Capital revised their ratings and target prices downwards.

Northern Trust Corp decreased its position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 5.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,729,319 shares of the company's stock after selling 106,699 shares during the quarter. Northern Trust Corp owned about 0.59% of Core Scientific worth $12,520,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Emerald Mutual Fund Advisers Trust bought a new position in Core Scientific in the first quarter valued at approximately $38,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Core Scientific in the first quarter valued at approximately $50,000. CWM LLC lifted its stake 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 buying an additional 6,486 shares in the last quarter. GAMMA Investing LLC lifted its stake 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 buying an additional 8,095 shares in the last quarter. Finally, US Bancorp DE lifted its stake in Core Scientific by 23.7% in the first quarter. US Bancorp DE now owns 8,682 shares of the company's stock valued at $63,000 after buying an additional 1,663 shares in the last quarter.

Insider Activity at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of the company's stock in a transaction 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 transaction, the insider directly owned 2,049,689 shares in the company, valued at $25,395,646.71. The trade was a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CORZ shares. Citigroup lowered shares of Core Scientific from an "outperform" rating to a "market perform" rating in a research note 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 research note on Friday, June 27th. Roth Mkm reiterated a "buy" rating and issued a $20.00 price objective on shares of Core Scientific in a report on Thursday, June 26th. HC Wainwright reiterated a "neutral" rating on shares of Core Scientific in a report on Monday, August 11th. Finally, B. Riley downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Core Scientific presently has a consensus rating of "Hold" and an average price target of $18.32.

Core Scientific Price Performance

NASDAQ CORZ traded up $0.62 during trading on Tuesday, reaching $14.55. 15,854,538 shares of the company's stock were exchanged, compared to its average volume of 16,229,401. The business has a 50 day moving average price of $14.14 and a 200-day moving average price of $11.20. The stock has a market capitalization of $4.44 billion, a P/E ratio of -26.08 and a beta of 6.59. Core Scientific, Inc. has a fifty-two week low of $6.20 and a fifty-two week high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The company reported ($0.04) earnings per share 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. Core Scientific's revenue was down 44.3% compared to the same quarter last year. On average, analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Core Scientific Company 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.