Vontobel Holding Ltd. Sells 33,575 Shares of Core Scientific, Inc. $CORZ

Key Points

• Vontobel Holding Ltd. reduced its stake in Core Scientific, Inc. by 51.4%, selling 33,575 shares and holding 31,791 shares valued at $543,000.
• Several hedge funds, including GAMMA Investing LLC and SG Americas Securities LLC, have significantly increased their stakes in Core Scientific during the first quarter.
• Core Scientific reported a 44.3% decrease in year-over-year revenue for the quarter, despite beating earnings estimates with a reported loss of ($0.04) per share.

Vontobel Holding Ltd. lessened its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 51.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,791 shares of the company's stock after selling 33,575 shares during the period. Vontobel Holding Ltd.'s holdings in Core Scientific were worth $543,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CORZ. GAMMA Investing LLC increased its stake in Core Scientific by 1,722.3% during the 1st quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock worth $62,000 after acquiring an additional 8,095 shares during the period. Rhumbline Advisers increased its stake in shares of Core Scientific by 1.6% in the 1st quarter. Rhumbline Advisers now owns 257,142 shares of the company's stock valued at $1,862,000 after purchasing an additional 4,171 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Core Scientific in the 1st quarter valued at $347,000. Exchange Traded Concepts LLC increased its stake in shares of Core Scientific by 60.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,009,594 shares of the company's stock valued at $7,309,000 after purchasing an additional 380,265 shares during the last quarter. Finally, FNY Investment Advisers LLC increased its stake in shares of Core Scientific by 15.0% in the 1st quarter. FNY Investment Advisers LLC now owns 219,360 shares of the company's stock valued at $1,588,000 after purchasing an additional 28,613 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CORZ shares. JMP Securities reiterated a "market perform" rating on shares of Core Scientific in a research note on Tuesday, August 12th. Jefferies Financial Group lifted their price target on Core Scientific from $16.00 to $22.00 and gave the company a "buy" rating in a research note on Monday, August 18th. Craig Hallum lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Core Scientific in a research note on Wednesday, October 8th. Finally, Arete Research upgraded Core Scientific to a "strong-buy" rating in a research note on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Core Scientific has an average rating of "Hold" and a consensus target price of $18.71.

Core Scientific Stock Up 3.7%

NASDAQ CORZ opened at $19.21 on Tuesday. Core Scientific, Inc. has a twelve month low of $6.20 and a twelve month high of $19.40. The company has a market cap of $5.90 billion, a price-to-earnings ratio of -34.30 and a beta of 6.58. The business's fifty day moving average is $15.58 and its 200 day moving average is $12.62.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate 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 revenue for the quarter was down 44.3% on a year-over-year basis. On average, research analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

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.

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