Titleist Asset Management LLC Raises Holdings in Core Scientific, Inc. $CORZ

Key Points

• Titleist Asset Management LLC increased its holdings in Core Scientific, Inc. by 218.7% in Q1, owning approximately 0.11% of the company worth about $2.35 million after purchasing 222,504 shares.
• Driehaus Capital Management LLC significantly boosted its stake by 112.1%, acquiring an additional 5.4 million shares, while multiple other funds also made notable investments in Core Scientific.
• Core Scientific reported a quarterly revenue decline of 44.3% year-over-year, posting $78.63 million against an estimated $82.09 million, with earnings per share of ($0.04), surpassing expectations.

Titleist Asset Management LLC raised its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 218.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 324,229 shares of the company's stock after purchasing an additional 222,504 shares during the quarter. Titleist Asset Management LLC owned 0.11% of Core Scientific worth $2,347,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in Core Scientific by 11.7% in the first quarter. Wellington Management Group LLP now owns 11,967 shares of the company's stock valued at $87,000 after purchasing an additional 1,256 shares during the period. SBI Securities Co. Ltd. raised its position in Core Scientific by 17.8% in the first quarter. SBI Securities Co. Ltd. now owns 10,391 shares of the company's stock valued at $75,000 after purchasing an additional 1,567 shares during the period. US Bancorp DE raised its position in Core Scientific by 23.7% in the first quarter. US Bancorp DE now owns 8,682 shares of the company's stock valued at $63,000 after purchasing an additional 1,663 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in 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 valued at $126,000 after purchasing an additional 1,746 shares during the period. Finally, Deutsche Bank AG raised its position in Core Scientific by 1.3% in the first quarter. Deutsche Bank AG now owns 167,100 shares of the company's stock valued at $1,210,000 after purchasing an additional 2,068 shares during the period.

Analyst Ratings Changes

A number of analysts have issued reports on CORZ shares. Macquarie reissued a "neutral" rating and issued a $15.00 target price on shares of Core Scientific in a research report on Tuesday, August 19th. JMP Securities reiterated a "market perform" rating on shares of Core Scientific in a report on Tuesday, August 12th. Citizens Jmp cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 14th. Arete started coverage on Core Scientific in a report on Tuesday, July 22nd. They set a "buy" rating and a $20.00 price target on the stock. Finally, Roth Mkm restated a "buy" rating and set a $20.00 price target on shares of Core Scientific in a report on Thursday, June 26th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $18.32.

Core Scientific Trading Down 3.0%

NASDAQ:CORZ traded down $0.42 during trading hours on Wednesday, hitting $13.58. The company's stock had a trading volume of 9,222,949 shares, compared to its average volume of 16,388,828. The stock has a market capitalization of $4.15 billion, a P/E ratio of -24.25 and a beta of 6.59. The stock has a fifty day moving average of $14.29 and a 200-day moving average of $11.15. 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 posted its earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate 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. Core Scientific's revenue was down 44.3% compared to the same quarter last year. On average, sell-side analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 7,759 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total value of $96,134.01. Following the transaction, the insider owned 2,049,689 shares of the company's stock, valued at $25,395,646.71. This represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.40% of the stock is owned by company insiders.

Core Scientific 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.