Summit Trail Advisors LLC Purchases New Shares in Core Scientific, Inc. (NASDAQ:CORZ)

Summit Trail Advisors LLC bought a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 49,335 shares of the company's stock, valued at approximately $357,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vontobel Holding Ltd. boosted its holdings in shares of Core Scientific by 46.7% during the 1st quarter. Vontobel Holding Ltd. now owns 65,366 shares of the company's stock valued at $473,000 after acquiring an additional 20,800 shares in the last quarter. Custos Family Office LLC raised its position in Core Scientific by 132.2% in the first quarter. Custos Family Office LLC now owns 121,306 shares of the company's stock valued at $878,000 after purchasing an additional 69,060 shares during the last quarter. KBC Group NV boosted its stake in shares of Core Scientific by 34.7% during the first quarter. KBC Group NV now owns 10,887 shares of the company's stock valued at $79,000 after purchasing an additional 2,805 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Core Scientific by 127.3% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 500,000 shares of the company's stock worth $3,620,000 after purchasing an additional 280,000 shares during the last quarter. 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

A number of equities research analysts have commented on the company. Needham & Company LLC reiterated a "buy" rating and issued a $18.00 price target on shares of Core Scientific in a research report on Friday, June 27th. Canaccord Genuity Group reissued a "buy" rating and set a $17.00 target price on shares of Core Scientific in a research report on Friday, June 27th. HC Wainwright restated a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research report on Tuesday, March 11th. Roth Mkm reiterated a "buy" rating and set a $20.00 price objective on shares of Core Scientific in a research report on Thursday, June 26th. Finally, Citizens Jmp raised shares of Core Scientific to a "strong-buy" rating and set a $15.00 target price for the company in a research note on Thursday, May 22nd. Seventeen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $18.35.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 60,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total value of $679,800.00. Following the completion of the sale, the insider directly owned 2,100,102 shares of the company's stock, valued at $23,794,155.66. This represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Yadin Rozov bought 110,000 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was bought at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the acquisition, the director directly owned 475,687 shares of the company's stock, valued at approximately $5,170,717.69. This represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 117,759 shares of company stock valued at $1,391,434 over the last quarter. Corporate insiders own 1.40% of the company's stock.

Core Scientific Stock Performance

Core Scientific stock traded up $0.49 during mid-day trading on Thursday, reaching $18.05. The stock had a trading volume of 13,347,625 shares, compared to its average volume of 13,239,209. The firm has a market capitalization of $5.38 billion, a PE ratio of -3.59 and a beta of 6.71. Core Scientific, Inc. has a fifty-two week low of $6.20 and a fifty-two week high of $18.63. The stock's 50-day simple moving average is $11.50 and its 200-day simple moving average is $11.14.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The business had revenue of $79.53 million during the quarter, compared to analyst estimates of $92.04 million. The business's revenue for the quarter was down 55.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.78 EPS. On average, research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share 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.