Core Scientific, Inc. $CORZ Shares Bought by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in Core Scientific by 6.2%, now owning approximately 20.58 million shares, which is about 6.98% of the company.
• In Q1, Core Scientific reported a loss of ($0.04) EPS, exceeding analysts' expectations, with revenues of $78.63 million—down 44.3% year-over-year.
• Core Scientific has seen mixed ratings from analysts, with one “Strong Buy,” nine “Buy,” and eleven “Hold” ratings, coupled with a consensus target price of $18.47.

Vanguard Group Inc. boosted its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 6.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,578,100 shares of the company's stock after buying an additional 1,199,448 shares during the quarter. Vanguard Group Inc. owned approximately 6.98% of Core Scientific worth $148,985,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Oppenheimer Asset Management Inc. raised its stake in Core Scientific by 229.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock worth $272,000 after purchasing an additional 26,135 shares in the last quarter. Summit Trail Advisors LLC bought a new position in Core Scientific during the 1st quarter worth $357,000. Deutsche Bank AG raised its position in Core Scientific by 53.8% during the 4th quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock worth $2,319,000 after purchasing an additional 57,742 shares during the last quarter. Millennium Management LLC acquired a new position in shares of Core Scientific in the 4th quarter worth approximately $1,335,000. Finally, Teacher Retirement System of Texas bought a new position in shares of Core Scientific in the 1st quarter worth about $234,000.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CORZ. Canaccord Genuity Group reiterated a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Friday, June 27th. BTIG Research downgraded Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price objective on the stock. in a research report on Monday, July 7th. JMP Securities restated a "market perform" rating on shares of Core Scientific in a research report on Tuesday, August 12th. Barclays cut Core Scientific to an "underweight" rating in a research note on Tuesday, July 8th. Finally, Roth Capital cut their target price on Core Scientific from $20.00 to $17.00 and set a "neutral" rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $18.32.

Insider Activity

In other news, insider Todd M. Duchene sold 7,759 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total transaction of $96,134.01. Following the transaction, the insider directly owned 2,049,689 shares in the company, valued at approximately $25,395,646.71. This trade represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Yadin Rozov bought 110,000 shares of the stock in a transaction on Wednesday, May 28th. The stock was purchased at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the purchase, the director owned 475,687 shares of the company's stock, valued at $5,170,717.69. This represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 117,759 shares of company stock worth $1,391,434 over the last 90 days. Corporate insiders own 1.40% of the company's stock.

Core Scientific Stock Performance

Shares of CORZ stock traded up $0.3850 during mid-day trading on Monday, reaching $13.9350. 6,666,744 shares of the company's stock traded hands, compared to its average volume of 16,626,229. Core Scientific, Inc. has a 12 month low of $6.20 and a 12 month high of $18.63. The firm has a 50 day moving average price of $13.97 and a two-hundred day moving average price of $11.06. The firm has a market capitalization of $4.26 billion, a PE ratio of -24.96 and a beta of 6.60.

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, beating the consensus estimate of ($0.07) by $0.03. The business had revenue of $78.63 million for the quarter, compared to analysts' expectations of $82.09 million. The business's revenue for the quarter was down 44.3% on a year-over-year basis. As a group, equities analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

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.