Red Spruce Capital LLC Grows Holdings in Core Scientific, Inc. $CORZ

Key Points

• Red Spruce Capital LLC increased its stake in Core Scientific, Inc. by 161.3% during the second quarter, purchasing an additional 20,508 shares, bringing its total to 33,221 shares valued at approximately $567,000.
• Several large investors, including Clearline Capital LP and Vanguard Group Inc., made significant changes to their holdings in Core Scientific during the first quarter, with Clearline boosting its stake by 157.8%.
• Core Scientific reported a revenue of $78.63 million for the last quarter, a 44.3% decline year-over-year, surpassing analysts' EPS estimates by $0.03.

Red Spruce Capital LLC boosted its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 161.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 33,221 shares of the company's stock after purchasing an additional 20,508 shares during the period. Red Spruce Capital LLC's holdings in Core Scientific were worth $567,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CORZ. Wellington Management Group LLP increased its stake in shares of Core Scientific by 11.7% in the first quarter. Wellington Management Group LLP now owns 11,967 shares of the company's stock worth $87,000 after acquiring an additional 1,256 shares during the period. SBI Securities Co. Ltd. increased its stake in shares of Core Scientific by 17.8% in the first quarter. SBI Securities Co. Ltd. now owns 10,391 shares of the company's stock worth $75,000 after acquiring an additional 1,567 shares during the period. US Bancorp DE increased its stake in shares of Core Scientific by 23.7% in the first quarter. US Bancorp DE now owns 8,682 shares of the company's stock worth $63,000 after acquiring an additional 1,663 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Core Scientific by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,393 shares of the company's stock worth $126,000 after acquiring an additional 1,746 shares during the period. Finally, Deutsche Bank AG increased its stake in shares of Core Scientific by 1.3% in the first quarter. Deutsche Bank AG now owns 167,100 shares of the company's stock worth $1,210,000 after acquiring an additional 2,068 shares during the period.

Insider Activity

In related 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 completion of the sale, the insider owned 2,049,689 shares in the company, valued at $25,395,646.71. This represents a 0.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

CORZ has been the topic of a number of recent analyst reports. Needham & Company LLC downgraded shares of Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price target on the stock. in a report on Thursday, July 10th. Macquarie reissued a "neutral" rating and set a $15.00 price target on shares of Core Scientific in a report on Tuesday, August 19th. Oppenheimer reissued a "market perform" rating on shares of Core Scientific in a report on Monday, July 7th. Jefferies Financial Group increased their price target on shares of Core Scientific from $16.00 to $22.00 and gave the stock a "buy" rating in a report on Monday, August 18th. Finally, Arete Research raised shares of Core Scientific to a "strong-buy" rating in a report on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $18.39.

Core Scientific Price Performance

Shares of CORZ stock traded up $0.12 during trading on Friday, reaching $16.87. The company's stock had a trading volume of 6,474,748 shares, compared to its average volume of 16,184,729. Core Scientific, Inc. has a 1-year low of $6.20 and a 1-year high of $18.63. The company has a market capitalization of $5.15 billion, a price-to-earnings ratio of -30.10 and a beta of 6.59. The stock's 50-day moving average price is $14.16 and its 200 day moving average price is $11.50.

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, 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 company's revenue was down 44.3% on a year-over-year basis. On average, sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

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.