Van ECK Associates Corp Boosts Stake in Core Scientific, Inc. $CORZ

Key Points

• Van ECK Associates increased its Core Scientific stake by 4.4% in the second quarter, bringing its holdings to 1.73 million shares valued at approximately $44.2 million. Several other institutional investors also raised their positions.
• Analysts remain broadly bullish, with an average rating of “Moderate Buy” and an average price target of $32.18; recent targets range as high as $42.
• Core Scientific shares opened at $16.51 after falling 6.3%, while the company reported a quarterly loss of $3.32 per share—well below estimates—despite revenue of $164.2 million exceeding expectations.

Van ECK Associates Corp lifted its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 4.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,728,660 shares of the company's stock after acquiring an additional 72,729 shares during the period. Van ECK Associates Corp owned approximately 0.54% of Core Scientific worth $44,236,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Xponance LLC raised its position in Core Scientific by 2.5% during the fourth quarter. Xponance LLC now owns 22,896 shares of the company's stock valued at $333,000 after purchasing an additional 562 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in Core Scientific by 0.7% during the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company's stock worth $2,418,000 after purchasing an additional 700 shares during the last quarter. Orion Porfolio Solutions LLC boosted its holdings in shares of Core Scientific by 5.2% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company's stock worth $279,000 after purchasing an additional 766 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Core Scientific by 34.5% in the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock worth $78,000 after purchasing an additional 782 shares in the last quarter. Finally, Bank of Montreal Can increased its position in shares of Core Scientific by 4.2% during the 4th quarter. Bank of Montreal Can now owns 21,592 shares of the company's stock valued at $314,000 after purchasing an additional 869 shares during the last quarter.

Wall Street Analyst Weigh In

CORZ has been the topic of a number of research reports. Canaccord Genuity Group raised their price objective on Core Scientific from $30.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. B. Riley Financial lifted their price target on shares of Core Scientific from $33.00 to $42.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Capital One Financial set a $33.00 price objective on shares of Core Scientific in a research note on Thursday, July 30th. Wolfe Research reissued a "buy" rating on shares of Core Scientific in a research note on Wednesday, July 29th. Finally, Jefferies Financial Group upped their price target on shares of Core Scientific from $24.00 to $37.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Core Scientific presently has an average rating of "Moderate Buy" and an average target price of $32.18.

Core Scientific Trading Down 6.3%

Shares of Core Scientific stock opened at $16.51 on Friday. Core Scientific, Inc. has a 12-month low of $13.14 and a 12-month high of $30.46. The company's fifty day simple moving average is $21.85 and its two-hundred day simple moving average is $21.02. The company has a market cap of $5.31 billion, a P/E ratio of -3.74 and a beta of 5.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The business had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. Analysts predict that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Insider Activity at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the firm's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $17.45, for a total transaction of $174,500.00. Following the completion of the transaction, the insider owned 1,937,896 shares of the company's stock, valued at approximately $33,816,285.20. This trade represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Elizabeth Crain bought 6,000 shares of the company's stock in a transaction dated Thursday, August 20th. The shares were acquired at an average price of $18.33 per share, for a total transaction of $109,980.00. Following the acquisition, the director owned 71,348 shares in the company, valued at approximately $1,307,808.84. This represents a 9.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 100,000 shares of company stock worth $2,360,300 over the last ninety days. 1.70% of the stock is owned by corporate insiders.

About Core Scientific

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

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