Victory Capital Management Inc. Increases Position in Core Scientific, Inc. (NASDAQ:CORZ)

Key Points

• Victory Capital Management Inc. increased its stake in Core Scientific, Inc. by 241.6%, acquiring an additional 72,208 shares, bringing its total holdings to 102,098 shares valued at approximately $739,000.
• Core Scientific reported a 55.6% year-over-year decline in revenue for the quarter, with earnings per share of ($0.10), outperforming analyst estimates of ($0.12).
• Various analysts have downgraded Core Scientific's stock rating recently, with a consensus rating of "Hold" and a target price of $18.32.

Victory Capital Management Inc. boosted its position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 241.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 102,098 shares of the company's stock after purchasing an additional 72,208 shares during the quarter. Victory Capital Management Inc.'s holdings in Core Scientific were worth $739,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Core Scientific by 54.3% during the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock worth $272,270,000 after purchasing an additional 6,819,406 shares during the period. Beryl Capital Management LLC boosted its position in Core Scientific by 24.3% during the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company's stock valued at $255,423,000 after acquiring an additional 3,548,396 shares in the last quarter. Driehaus Capital Management LLC boosted its position in Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock valued at $144,212,000 after acquiring an additional 5,424,901 shares in the last quarter. FMR LLC boosted its position in Core Scientific by 2,937.7% during the 4th quarter. FMR LLC now owns 7,436,229 shares of the company's stock valued at $104,479,000 after acquiring an additional 7,191,428 shares in the last quarter. Finally, Two Seas Capital LP boosted its position in Core Scientific by 9.2% during the 4th quarter. Two Seas Capital LP now owns 6,232,888 shares of the company's stock valued at $87,572,000 after acquiring an additional 527,097 shares in the last quarter.

Core Scientific Stock Performance

CORZ stock traded up $1.00 during midday trading on Monday, reaching $13.65. The stock had a trading volume of 13,258,753 shares, compared to its average volume of 23,083,596. The firm has a fifty day simple moving average of $13.23 and a two-hundred day simple moving average of $10.99. 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 issued its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to analysts' expectations of $92.04 million. The business's revenue was down 55.6% on a year-over-year basis. During the same quarter last year, the business earned $0.78 EPS. As a group, research analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Activity

In other news, insider Todd M. Duchene sold 60,000 shares of the business's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total value of $679,800.00. Following the completion of the transaction, the insider owned 2,100,102 shares of the company's stock, valued at $23,794,155.66. The trade was a 2.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Yadin Rozov acquired 110,000 shares of the firm's stock in a transaction dated Wednesday, May 28th. The stock was bought at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the acquisition, the director owned 475,687 shares in the company, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 117,759 shares of company stock valued at $1,391,434. Insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

CORZ has been the topic of several recent research reports. Citizens Jmp cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 14th. Craig Hallum cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 7th. Oppenheimer reaffirmed a "market perform" rating on shares of Core Scientific in a research report on Monday, July 7th. Macquarie cut Core Scientific from a "strong-buy" rating to a "hold" rating and set a $15.00 target price on the stock. in a research report on Thursday, July 10th. Finally, Arete initiated coverage on Core Scientific in a research report on Tuesday, July 22nd. They set a "buy" rating and a $20.00 target price on the stock. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $18.32.

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.