Tiptree Advisors LLC Makes New $3.96 Million Investment in Core Scientific, Inc. $CORZ

Key Points

• Tiptree Advisors LLC has made a new investment of $3.96 million by purchasing 232,000 shares of Core Scientific, Inc. ($CORZ), which now comprises 3.1% of its portfolio.
• Core Scientific has experienced multiple analyst downgrades, with BTIG Research and Citigroup lowering their ratings, amidst a current average rating of Hold and a price target of $18.71.
• In its latest earnings report, Core Scientific posted an earnings per share (EPS) of (0.04), outperforming estimates, but faced a significant 44.3% decline in year-over-year revenue.

Tiptree Advisors LLC purchased a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 232,000 shares of the company's stock, valued at approximately $3,960,000. Core Scientific makes up about 3.1% of Tiptree Advisors LLC's holdings, making the stock its 15th biggest position. Tiptree Advisors LLC owned approximately 0.08% of Core Scientific at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Sanders Morris Harris LLC bought a new stake in shares of Core Scientific in the 2nd quarter valued at about $183,000. Mutual of America Capital Management LLC raised its holdings in shares of Core Scientific by 128.8% in the 2nd quarter. Mutual of America Capital Management LLC now owns 602,427 shares of the company's stock valued at $10,283,000 after purchasing an additional 339,161 shares during the period. Allianz Asset Management GmbH bought a new stake in shares of Core Scientific in the 2nd quarter valued at about $10,367,000. Bernard Wealth Management Corp. bought a new stake in shares of Core Scientific in the 2nd quarter valued at about $51,000. Finally, Shikiar Asset Management Inc. raised its holdings in shares of Core Scientific by 20.3% in the 2nd quarter. Shikiar Asset Management Inc. now owns 101,550 shares of the company's stock valued at $1,733,000 after purchasing an additional 17,150 shares during the period.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CORZ shares. BTIG Research cut shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price on the stock. in a report on Monday, July 7th. JMP Securities reaffirmed a "market perform" rating on shares of Core Scientific in a report on Tuesday, August 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Core Scientific in a research note on Wednesday, October 8th. Citigroup lowered shares of Core Scientific from an "outperform" rating to a "market perform" rating in a research note on Monday, July 14th. Finally, Craig Hallum lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $18.71.

Core Scientific Stock Performance

Shares of CORZ opened at $19.23 on Wednesday. Core Scientific, Inc. has a 52 week low of $6.20 and a 52 week high of $20.36. The firm has a market cap of $5.91 billion, a P/E ratio of -34.34 and a beta of 6.58. The firm's 50-day simple moving average is $16.16 and its 200 day simple moving average is $13.07.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.03. The business had revenue of $78.63 million for the quarter, compared to analyst estimates of $82.09 million. The business's revenue was down 44.3% on a year-over-year basis. As a group, equities analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current 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.

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