Hsbc Holdings PLC Buys New Shares in Core Scientific, Inc. $CORZ

Hsbc Holdings PLC purchased a new stake in Core Scientific, Inc. (NASDAQ:CORZ) in the first quarter, HoldingsChannel reports. The fund purchased 36,102 shares of the company’s stock, valued at approximately $533,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of CORZ. AQR Capital Management LLC raised its position in shares of Core Scientific by 106.1% during the first quarter. AQR Capital Management LLC now owns 283,432 shares of the company’s stock valued at $2,052,000 after buying an additional 145,905 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Core Scientific by 180.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company’s stock valued at $8,032,000 after buying an additional 714,388 shares during the period. Cetera Investment Advisers grew its position in Core Scientific by 200.0% during the second quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock worth $663,000 after buying an additional 25,878 shares in the last quarter. Franklin Resources Inc. acquired a new stake in Core Scientific during the second quarter worth about $181,000. Finally, Russell Investments Group Ltd. increased its stake in Core Scientific by 61.9% during the second quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock valued at $67,000 after acquiring an additional 1,507 shares during the period.

Wall Street Analyst Weigh In

A number of brokerages have commented on CORZ. B. Riley Financial raised their price objective on Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. Keefe, Bruyette & Woods upgraded Core Scientific from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $25.00 to $28.00 in a research report on Thursday. Loop Capital set a $40.00 target price on Core Scientific in a research note on Friday, June 12th. Jefferies Financial Group upped their target price on Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Finally, Lucid Cap Mkts raised Core Scientific to a “strong-buy” rating in a research report on Friday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Core Scientific currently has an average rating of “Moderate Buy” and a consensus target price of $31.68.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $20.95, for a total transaction of $209,500.00. Following the transaction, the insider directly owned 1,989,101 shares in the company, valued at approximately $41,671,665.95. This represents a 0.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 90,000 shares of company stock worth $2,234,900. 1.70% of the stock is owned by corporate insiders.

Core Scientific Stock Down 5.0%

NASDAQ CORZ opened at $20.72 on Friday. Core Scientific, Inc. has a twelve month low of $12.60 and a twelve month high of $30.46. The stock has a market cap of $6.66 billion, a P/E ratio of -4.69 and a beta of 5.50. The company’s 50-day simple moving average is $25.07 and its 200 day simple moving average is $20.81.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The business had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. Research analysts anticipate that Core Scientific, Inc. will post -1.3 earnings per share for the current year.

About Core Scientific

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.