Vanguard Group Inc. Buys 1,199,448 Shares of Core Scientific, Inc. $CORZ

Vanguard Group Inc. grew its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 6.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,578,100 shares of the company’s stock after acquiring an additional 1,199,448 shares during the quarter. Vanguard Group Inc. owned about 6.98% of Core Scientific worth $148,985,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. boosted its position in shares of Core Scientific by 229.9% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company’s stock valued at $272,000 after acquiring an additional 26,135 shares during the last quarter. Summit Trail Advisors LLC bought a new stake in shares of Core Scientific during the 1st quarter valued at about $357,000. Deutsche Bank AG boosted its position in shares of Core Scientific by 53.8% during the 4th quarter. Deutsche Bank AG now owns 165,032 shares of the company’s stock valued at $2,319,000 after acquiring an additional 57,742 shares during the last quarter. Millennium Management LLC bought a new stake in shares of Core Scientific during the 4th quarter valued at about $1,335,000. Finally, Teacher Retirement System of Texas bought a new stake in shares of Core Scientific during the 1st quarter valued at about $234,000.

Core Scientific Price Performance

Shares of Core Scientific stock opened at $14.08 on Thursday. The business’s 50 day simple moving average is $13.91 and its two-hundred day simple moving average is $11.06. The stock has a market capitalization of $4.30 billion, a P/E ratio of -25.14 and a beta of 6.60. Core Scientific, Inc. has a one year low of $6.20 and a one year high of $18.63.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $78.63 million during the quarter, compared to analysts’ expectations of $82.09 million. The firm’s quarterly revenue was down 44.3% on a year-over-year basis. Sell-side analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Activity at Core Scientific

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CORZ. Roth Mkm reiterated a “buy” rating and set a $20.00 price target on shares of Core Scientific in a research report on Thursday, June 26th. Citizens Jmp downgraded Core Scientific from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 14th. Citigroup downgraded Core Scientific from an “outperform” rating to a “market perform” rating in a research report on Monday, July 14th. B. Riley downgraded Core Scientific from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 9th. Finally, Roth Capital restated a “neutral” rating and issued a $20.00 target price on shares of Core Scientific in a research report on Tuesday, July 8th. 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 assigned a Sell rating to the stock. According to data from MarketBeat, Core Scientific has an average rating of “Hold” and a consensus target price of $18.47.

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.