Core Scientific, Inc. $CORZ Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its stake in Core Scientific, Inc. (NASDAQ:CORZ) by 3.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 810,654 shares of the company’s stock after selling 25,493 shares during the period. Bank of New York Mellon Corp’s holdings in Core Scientific were worth $12,127,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP lifted its position in Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after buying an additional 950 shares in the last quarter. Larson Financial Group LLC boosted its stake in Core Scientific by 936.7% during the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after buying an additional 1,686 shares during the last quarter. Osaic Holdings Inc. grew its holdings in Core Scientific by 112.1% in the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after buying an additional 1,066 shares in the last quarter. Danske Bank A S purchased a new stake in Core Scientific in the 4th quarter valued at $36,000. Finally, State of Wyoming acquired a new stake in shares of Core Scientific in the 4th quarter worth $66,000.

Core Scientific Stock Down 5.0%

Shares of Core Scientific stock opened at $20.72 on Friday. Core Scientific, Inc. has a 52 week low of $12.60 and a 52 week high of $30.46. The business’s fifty day simple moving average is $25.07 and its 200-day simple moving average is $20.81. The firm has a market cap of $6.66 billion, a PE ratio of -4.69 and a beta of 5.50.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. As a group, equities analysts expect that Core Scientific, Inc. will post -1.3 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Freedom Capital upgraded Core Scientific to a “hold” rating in a report on Monday, June 15th. Keefe, Bruyette & Woods raised shares of Core Scientific from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $25.00 to $28.00 in a report on Thursday. Sanford C. Bernstein restated an “outperform” rating and set a $32.00 price objective on shares of Core Scientific in a research report on Wednesday, June 3rd. Canaccord Genuity Group lifted their target price on shares of Core Scientific from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Lucid Cap Mkts upgraded shares of Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $31.68.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $20.95, for a total transaction of $209,500.00. Following the completion of the transaction, the insider owned 1,989,101 shares of the company’s stock, valued at $41,671,665.95. This trade represents a 0.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 90,000 shares of company stock valued at $2,234,900 over the last 90 days. Corporate insiders own 1.70% of the company’s stock.

Core Scientific Company Profile

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.