Shikiar Asset Management Inc. Boosts Stock Position in Core Scientific, Inc. $CORZ

Key Points

• Shikiar Asset Management Inc. increased its stake in Core Scientific, Inc. by 20.3%, now owning 101,550 shares valued at approximately $1.73 million at the end of the recent quarter.
• Core Scientific recently reported earnings of ($0.04) per share, exceeding analysts’ expectations, but its revenue fell 44.3% year-over-year to $78.63 million.
• As of now, Core Scientific has a consensus rating of "Hold" from analysts, with a price target averaging $18.71.

Shikiar Asset Management Inc. increased its position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 20.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 101,550 shares of the company's stock after acquiring an additional 17,150 shares during the period. Shikiar Asset Management Inc.'s holdings in Core Scientific were worth $1,733,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Farther Finance Advisors LLC acquired a new position in Core Scientific in the 2nd quarter valued at about $65,000. IFP Advisors Inc acquired a new position in shares of Core Scientific in the second quarter valued at approximately $86,000. State of Wyoming acquired a new position in shares of Core Scientific in the first quarter valued at approximately $34,000. Emerald Mutual Fund Advisers Trust purchased a new stake in Core Scientific during the 1st quarter worth approximately $38,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Core Scientific during the 1st quarter worth approximately $50,000.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CORZ shares. JMP Securities restated a "market perform" rating on shares of Core Scientific in a research note on Tuesday, August 12th. Canaccord Genuity Group reissued a "buy" rating and set a $17.00 target price on shares of Core Scientific in a research note on Friday, June 27th. BTIG Research downgraded Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price target on the stock. in a report on Monday, July 7th. Roth Capital decreased their price objective on Core Scientific from $20.00 to $17.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. Finally, B. Riley downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $18.71.

Core Scientific Stock Up 2.9%

Shares of CORZ opened at $18.04 on Friday. The stock has a 50 day moving average price of $15.35 and a 200 day moving average price of $12.40. The company has a market capitalization of $5.54 billion, a price-to-earnings ratio of -32.21 and a beta of 6.58. Core Scientific, Inc. has a 52-week low of $6.20 and a 52-week high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data 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 company had revenue of $78.63 million for the quarter, compared to analyst estimates of $82.09 million. Core Scientific's quarterly revenue was down 44.3% compared to the same quarter last year. On average, equities 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.

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