Quantbot Technologies LP Invests $3.69 Million in Core Scientific, Inc. $CORZ

Key Points

• Quantbot Technologies acquired 144,191 Core Scientific shares worth approximately $3.69 million during the second quarter. Other institutional investors, including Vanguard and Bank of America, also increased their positions.
• Core Scientific reported a quarterly loss of $3.32 per share, far worse than the $0.06 consensus estimate, though revenue of $164.2 million exceeded expectations.
• CORZ opened at $17.81, below its 50-day and 200-day moving averages. Analysts maintain a consensus “Moderate Buy” rating with a $32.18 price target, while insider activity included one director purchase and $2.45 million in insider sales over the past 90 days.

Quantbot Technologies LP purchased a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 144,191 shares of the company's stock, valued at approximately $3,690,000.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock worth $494,462,000 after purchasing an additional 5,359,710 shares during the period. Bank of America Corp DE increased its stake in Core Scientific by 412.5% in the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company's stock valued at $71,903,000 after buying an additional 3,868,535 shares during the period. Jennison Associates LLC acquired a new position in Core Scientific in the 4th quarter valued at approximately $14,075,000. Oasis Management Co Ltd. purchased a new stake in Core Scientific in the 4th quarter worth approximately $38,493,000. Finally, Sandro Wealth Management LLC purchased a new stake in Core Scientific in the 4th quarter worth approximately $4,493,000.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, Director Eric Stanton Weiss bought 7,000 shares of the stock in a transaction on Tuesday, August 18th. The shares were purchased at an average cost of $19.19 per share, with a total value of $134,330.00. Following the completion of the transaction, the director directly owned 259,262 shares of the company's stock, valued at $4,975,237.78. This represents a 2.77% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Todd M. Duchene sold 10,000 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $19.97, for a total value of $199,700.00. Following the transaction, the insider owned 1,969,101 shares in the company, valued at approximately $39,322,946.97. This trade represents a 0.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 100,000 shares of company stock valued at $2,448,300. 1.70% of the stock is owned by company insiders.

Core Scientific Price Performance

NASDAQ CORZ opened at $17.81 on Monday. The stock has a market capitalization of $5.72 billion, a PE ratio of -4.03 and a beta of 5.59. The company has a 50 day moving average price of $22.97 and a two-hundred day moving average price of $21.01. Core Scientific, Inc. has a 12-month low of $13.14 and a 12-month high of $30.46.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to the consensus estimate of $144.83 million. As a group, equities analysts anticipate that Core Scientific, Inc. will post -1.36 EPS for the current year.

Analyst Ratings Changes

CORZ has been the topic of several research analyst reports. BTIG Research restated a "buy" rating and set a $38.00 price target on shares of Core Scientific in a report on Tuesday, July 28th. Lucid Cap Mkts upgraded Core Scientific to a "strong-buy" rating in a report on Friday, June 12th. Keefe, Bruyette & Woods raised Core Scientific from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $25.00 to $28.00 in a research report on Thursday, July 30th. Weiss Ratings restated a "sell (d-)" rating on shares of Core Scientific in a research note on Friday, July 17th. Finally, Wolfe Research reaffirmed a "buy" rating on shares of Core Scientific in a research report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Core Scientific has a consensus rating of "Moderate Buy" and a consensus price target of $32.18.

Core Scientific Company 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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