Van ECK Associates Corp Boosts Stock Position in Core Scientific, Inc. $CORZ

Van ECK Associates Corp boosted its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 4.4% in the second quarter, Holdings Channel reports. The institutional investor owned 1,728,660 shares of the company’s stock after purchasing an additional 72,729 shares during the period. Van ECK Associates Corp’s holdings in Core Scientific were worth $44,236,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in shares of Core Scientific by 106.1% in the first quarter. AQR Capital Management LLC now owns 283,432 shares of the company’s stock worth $2,052,000 after acquiring an additional 145,905 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Core Scientific by 180.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company’s stock worth $8,032,000 after purchasing an additional 714,388 shares during the last quarter. Cetera Investment Advisers boosted its stake in Core Scientific by 200.0% in the 2nd quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock worth $663,000 after purchasing an additional 25,878 shares in the last quarter. Franklin Resources Inc. bought a new position in Core Scientific in the 2nd quarter worth about $181,000. Finally, Russell Investments Group Ltd. grew its position in Core Scientific by 61.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock valued at $67,000 after purchasing an additional 1,507 shares during the last quarter.

Analysts Set New Price Targets

A number of analysts have weighed in on CORZ shares. BTIG Research restated a “buy” rating and set a $38.00 price objective on shares of Core Scientific in a research note on Tuesday, July 28th. Wolfe Research reiterated a “buy” rating on shares of Core Scientific in a research note on Wednesday, July 29th. Compass Point reiterated a “buy” rating and set a $36.00 price target on shares of Core Scientific in a report on Wednesday, July 29th. Lucid Cap Mkts upgraded shares of Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. Finally, Loop Capital set a $40.00 price target on shares of Core Scientific in a research report on Friday, June 12th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Core Scientific presently has a consensus rating of “Moderate Buy” and an average price target of $32.18.

Core Scientific Price Performance

Shares of CORZ opened at $16.51 on Friday. The firm has a market capitalization of $5.31 billion, a P/E ratio of -3.74 and a beta of 5.59. Core Scientific, Inc. has a one year low of $13.14 and a one year high of $30.46. The business has a fifty day moving average of $21.85 and a 200 day moving average of $21.02.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The business had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. Analysts expect that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Insider Activity at Core Scientific

In related news, Director Elizabeth Crain bought 6,000 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were bought at an average cost of $18.33 per share, for a total transaction of $109,980.00. Following the completion of the transaction, the director owned 71,348 shares of the company’s stock, valued at approximately $1,307,808.84. This trade represents a 9.18% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric Stanton Weiss purchased 7,000 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were bought at an average cost of $19.19 per share, with a total value of $134,330.00. Following the acquisition, the director directly owned 259,262 shares of the company’s stock, valued at $4,975,237.78. This trade represents a 2.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders sold 100,000 shares of company stock worth $2,360,300. 1.70% of the stock is owned by company insiders.

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.