Fifth Third Bancorp Invests $59.80 Million in Core Scientific, Inc. $CORZ

Fifth Third Bancorp bought a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) during the first quarter, Holdings Channel.com reports. The fund bought 3,997,473 shares of the company’s stock, valued at approximately $59,802,000.

A number of other large investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Core Scientific by 18.7% during the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after buying an additional 5,359,710 shares during the period. FNY Investment Advisers LLC acquired a new stake in Core Scientific in the 4th quarter valued at $1,252,000. Kintayl Capital LP acquired a new stake in Core Scientific in the 3rd quarter valued at $10,227,000. Nations Financial Group Inc. IA ADV purchased a new stake in Core Scientific in the 4th quarter worth $2,980,000. Finally, Jennison Associates LLC purchased a new stake in Core Scientific in the 4th quarter worth $14,075,000.

Insider Activity

In other news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $22.63, for a total value of $226,300.00. Following the completion of the sale, the insider directly owned 2,023,426 shares in the company, valued at $45,790,130.38. This represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 90,000 shares of company stock worth $2,209,800 over the last ninety days. 1.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CORZ has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a report on Monday, April 20th. Loop Capital set a $40.00 target price on shares of Core Scientific in a research report on Friday, June 12th. Canaccord Genuity Group set a $30.00 target price on shares of Core Scientific in a research note on Friday, May 8th. Sanford C. Bernstein restated an “outperform” rating and set a $32.00 price target on shares of Core Scientific in a research report on Wednesday, June 3rd. Finally, Freedom Capital raised shares of Core Scientific to a “hold” rating in a research note on Monday, June 15th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.78.

Core Scientific Stock Performance

Shares of CORZ opened at $23.49 on Monday. Core Scientific, Inc. has a one year low of $12.42 and a one year high of $30.46. The stock has a market capitalization of $7.47 billion, a price-to-earnings ratio of -20.61 and a beta of 5.50. The stock has a 50 day moving average price of $25.52 and a 200 day moving average price of $20.20.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The company had revenue of $115.24 million during the quarter, compared to analysts’ expectations of $117.04 million. The business’s revenue was up 44.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.25 earnings per share. On average, analysts predict that Core Scientific, Inc. will post 0.08 earnings per share for the current year.

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.