Core Scientific, Inc. $CORZ Position Increased by Trexquant Investment LP

Key Points

• Trexquant Investment LP increased its stake in Core Scientific, Inc. by 15.5% during the first quarter, acquiring 61,081 additional shares to bring their total to 455,308 shares, valued at approximately $3,296,000.
• Core Scientific's stock has seen a range of ratings from analysts, with a consensus rating of "Hold" and a target price of $18.32, despite recent earnings showing a significant revenue decline of 44.3% year-over-year.
• In insider trading news, Todd M. Duchene sold 7,759 shares at an average price of $12.39, reducing his ownership position slightly while still holding around 2 million shares valued at approximately $25.4 million.

Trexquant Investment LP lifted its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 15.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 455,308 shares of the company's stock after buying an additional 61,081 shares during the period. Trexquant Investment LP owned approximately 0.15% of Core Scientific worth $3,296,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Emerald Mutual Fund Advisers Trust acquired a new position in Core Scientific during the first quarter valued at $38,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Core Scientific during the first quarter worth about $50,000. CWM LLC boosted its holdings in Core Scientific by 403.9% in the 1st quarter. CWM LLC now owns 8,092 shares of the company's stock valued at $59,000 after purchasing an additional 6,486 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Core Scientific by 1,722.3% in the 1st quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock valued at $62,000 after purchasing an additional 8,095 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in Core Scientific by 23.7% in the 1st 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 last quarter.

Analyst Upgrades and Downgrades

CORZ has been the topic of several recent research reports. JMP Securities reaffirmed a "market perform" rating on shares of Core Scientific in a research note on Tuesday, August 12th. Needham & Company LLC cut shares of Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price for the company. in a report on Thursday, July 10th. Arete Research upgraded shares of Core Scientific to a "strong-buy" rating in a research note on Tuesday, July 22nd. Canaccord Genuity Group reiterated a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research note on Friday, June 27th. Finally, Roth Mkm reiterated a "buy" rating and issued a $20.00 price target on shares of Core Scientific in a report on Thursday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $18.32.

Core Scientific Price Performance

CORZ stock traded up $0.38 during midday trading on Monday, reaching $14.00. 1,137,630 shares of the company's stock traded hands, compared to its average volume of 16,199,858. The business has a 50-day moving average price of $14.20 and a two-hundred day moving average price of $11.17. Core Scientific, Inc. has a fifty-two week low of $6.20 and a fifty-two week high of $18.63. The company has a market capitalization of $4.28 billion, a P/E ratio of -25.01 and a beta of 6.59.

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, topping analysts' consensus estimates of ($0.07) by $0.03. The firm 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. As a group, research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value of $96,134.01. Following the sale, the insider directly 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 legal filing with the SEC, which is accessible through this link. 1.40% of the stock is owned by corporate insiders.

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.