Swiss National Bank Grows Position in Core Scientific, Inc. $CORZ

Key Points

• The Swiss National Bank increased its holdings in Core Scientific, Inc. by 13.7% during the first quarter, owning 432,900 shares valued at approximately $3.13 million.
• Several large investors, including SBI Securities and US Bancorp DE, also increased their positions in Core Scientific, indicating confidence in the company.
• Analysts have mixed ratings for the stock, with an average target price of $18.47, suggesting potential growth despite recent performance issues.

Swiss National Bank grew its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 13.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 432,900 shares of the company's stock after purchasing an additional 52,000 shares during the period. Swiss National Bank owned approximately 0.15% of Core Scientific worth $3,134,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of CORZ. Driehaus Capital Management LLC lifted its stake in Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock worth $144,212,000 after acquiring an additional 5,424,901 shares in the last quarter. Fred Alger Management LLC acquired a new position in Core Scientific during the 4th quarter worth about $62,011,000. Beryl Capital Management LLC lifted its stake in Core Scientific by 24.3% during the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company's stock worth $255,423,000 after acquiring an additional 3,548,396 shares in the last quarter. Jericho Capital Asset Management L.P. acquired a new position in Core Scientific during the 4th quarter worth about $39,240,000. Finally, Lord Abbett & CO. LLC acquired a new position in Core Scientific during the 4th quarter worth about $38,721,000.

Insider Activity at Core Scientific

In other news, insider Todd M. Duchene sold 60,000 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total value of $679,800.00. Following the transaction, the insider owned 2,100,102 shares in the company, valued at approximately $23,794,155.66. This represents a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders sold 117,759 shares of company stock valued at $1,391,434. Corporate insiders own 1.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. JMP Securities reissued a "market perform" rating on shares of Core Scientific in a research note on Tuesday, August 12th. Citizens Jmp lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 14th. Roth Mkm reissued a "buy" rating and set a $20.00 target price on shares of Core Scientific in a research note on Thursday, June 26th. Oppenheimer reissued a "market perform" rating on shares of Core Scientific in a research note on Monday, July 7th. Finally, HC Wainwright restated a "neutral" rating on shares of Core Scientific in a report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Core Scientific currently has an average rating of "Hold" and an average target price of $18.32.

Core Scientific Price Performance

Shares of CORZ traded up $0.16 during mid-day trading on Wednesday, reaching $14.20. The company's stock had a trading volume of 8,184,584 shares, compared to its average volume of 18,285,826. Core Scientific, Inc. has a 12-month low of $6.20 and a 12-month high of $18.63. The stock has a market cap of $4.34 billion, a PE ratio of -25.36 and a beta of 6.60. The company's 50 day moving average is $14.10 and its 200 day moving average is $11.11.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. The business had revenue of $78.63 million during the quarter, compared to analysts' expectations of $82.09 million. The company's quarterly revenue was down 44.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal 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.