Vontobel Holding Ltd. Increases Stake in Core Scientific, Inc. (NASDAQ:CORZ)

Vontobel Holding Ltd. lifted its position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 46.7% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 65,366 shares of the company's stock after buying an additional 20,800 shares during the quarter. Vontobel Holding Ltd.'s holdings in Core Scientific were worth $473,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Wellington Shields & Co. LLC bought a new position in Core Scientific during the 4th quarter valued at about $26,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Core Scientific during the 1st quarter valued at about $50,000. GAMMA Investing LLC grew its holdings in Core Scientific by 1,722.3% during 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. Vestcor Inc bought a new position in Core Scientific during the 4th quarter valued at about $66,000. Finally, Merit Financial Group LLC bought a new position in Core Scientific during the 1st quarter valued at about $74,000.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CORZ. Citizens Jmp upgraded shares of Core Scientific to a "strong-buy" rating and set a $15.00 price target on the stock in a report on Thursday, May 22nd. Barclays cut shares of Core Scientific to an "underweight" rating in a research report on Tuesday. B. Riley cut shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Friday, June 27th. Finally, Needham & Company LLC cut shares of Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price objective for the company. in a research report on Thursday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Core Scientific presently has a consensus rating of "Moderate Buy" and an average price target of $18.22.

Core Scientific Price Performance

CORZ stock traded down $0.67 during midday trading on Friday, hitting $12.51. 20,801,046 shares of the stock traded hands, compared to its average volume of 13,963,292. The firm has a market cap of $3.73 billion, a P/E ratio of -2.49 and a beta of 6.71. The stock's fifty day simple moving average is $12.22 and its 200-day simple moving average is $11.12. Core Scientific, Inc. has a 1-year low of $6.20 and a 1-year 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) EPS for the quarter, topping analysts' consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to analysts' expectations of $92.04 million. During the same period last year, the firm earned $0.78 earnings per share. Core Scientific's revenue for the quarter was down 55.6% on a year-over-year basis. On average, research analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction that occurred 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 completion of the transaction, the insider owned 2,049,689 shares in the company, valued at approximately $25,395,646.71. The trade was a 0.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Yadin Rozov acquired 110,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was acquired at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the acquisition, the director directly owned 475,687 shares of the company's stock, valued at approximately $5,170,717.69. This represents a 30.08% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 117,759 shares of company stock valued at $1,391,434 in the last quarter. 1.40% of the stock is owned by insiders.

Core Scientific Company 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.