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

Van ECK Associates Corp decreased its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 55.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 990,985 shares of the company’s stock after selling 1,235,569 shares during the quarter. Van ECK Associates Corp owned 0.32% of Core Scientific worth $17,778,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CORZ. HHM Wealth Advisors LLC boosted its holdings in Core Scientific by 96.5% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company’s stock valued at $33,000 after acquiring an additional 946 shares during the period. Osaic Holdings Inc. increased its stake in Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after purchasing an additional 1,066 shares during the period. Advisors Asset Management Inc. increased its stake in Core Scientific by 68.3% in the second quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company’s stock worth $46,000 after purchasing an additional 1,092 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Core Scientific by 396.8% during the second quarter. PNC Financial Services Group Inc. now owns 3,731 shares of the company’s stock worth $64,000 after purchasing an additional 2,980 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Core Scientific by 61.9% during the second quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock worth $67,000 after purchasing an additional 1,507 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CORZ shares. Cantor Fitzgerald cut their price target on shares of Core Scientific from $26.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, March 3rd. Keefe, Bruyette & Woods lifted their price objective on shares of Core Scientific from $19.00 to $25.00 and gave the company a “moderate buy” rating in a report on Tuesday, January 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research report on Wednesday, January 21st. LADENBURG THALM/SH SH dropped their target price on shares of Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Finally, Zacks Research raised shares of Core Scientific from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 13th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.84.

Core Scientific Stock Up 2.4%

Shares of CORZ stock traded up $0.39 on Friday, hitting $16.63. The stock had a trading volume of 2,753,459 shares, compared to its average volume of 11,682,200. Core Scientific, Inc. has a one year low of $6.20 and a one year high of $23.63. The business has a 50 day moving average price of $17.37 and a 200 day moving average price of $17.00. The company has a market cap of $5.24 billion, a PE ratio of 14.17 and a beta of 6.87.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Monday, March 2nd. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.69. The business had revenue of $79.76 million for the quarter, compared to the consensus estimate of $118.45 million. The firm’s revenue was down 16.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.69) earnings per share. Equities research analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current year.

Core Scientific 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.