Bank of New York Mellon Corp Lowers Position in Core Scientific, Inc. $CORZ

Bank of New York Mellon Corp decreased its position in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 3.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 810,654 shares of the company’s stock after selling 25,493 shares during the quarter. Bank of New York Mellon Corp owned 0.26% of Core Scientific worth $12,127,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Core Scientific by 18.7% during the fourth 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 in the last quarter. Situational Awareness LP grew its position in Core Scientific by 42.5% during the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after buying an additional 8,575,944 shares during the period. Jericho Capital Asset Management L.P. increased its holdings in Core Scientific by 11.4% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock valued at $189,842,000 after buying an additional 1,338,796 shares in the last quarter. Value Aligned Research Advisors LLC purchased a new position in Core Scientific in the fourth quarter valued at $117,786,000. Finally, Geode Capital Management LLC raised its position in shares of Core Scientific by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock worth $111,417,000 after acquiring an additional 109,145 shares during the period.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CORZ shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. Needham & Company LLC lifted their price target on Core Scientific from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday. Wolfe Research reaffirmed a “buy” rating on shares of Core Scientific in a report on Wednesday. BTIG Research reiterated a “buy” rating and set a $38.00 price target on shares of Core Scientific in a research report on Tuesday. Finally, Canaccord Genuity Group raised their price objective on Core Scientific from $30.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday. One equities 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.68.

Insider Activity

In related news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $20.95, for a total transaction of $209,500.00. Following the completion of the sale, the insider directly owned 1,989,101 shares in the company, valued at approximately $41,671,665.95. The trade was a 0.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 90,000 shares of company stock valued at $2,234,900 over the last quarter. Insiders own 1.70% of the company’s stock.

Core Scientific Stock Down 5.0%

CORZ opened at $20.72 on Friday. The company has a market cap of $6.66 billion, a PE ratio of -4.69 and a beta of 5.50. Core Scientific, Inc. has a twelve month low of $12.60 and a twelve month high of $30.46. The company has a 50-day moving average price of $25.07 and a 200 day moving average price of $20.81.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data 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 company had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. As a group, sell-side analysts expect that Core Scientific, Inc. will post -1.3 earnings per share 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.