Connor Clark & Lunn Investment Management Ltd. Acquires New Stake in Core Scientific, Inc. $CORZ

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,639,358 shares of the company’s stock, valued at approximately $41,951,000. Connor Clark & Lunn Investment Management Ltd. owned 0.51% of Core Scientific as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in CORZ. Xponance LLC boosted its holdings in Core Scientific by 2.5% during the fourth quarter. Xponance LLC now owns 22,896 shares of the company’s stock worth $333,000 after buying an additional 562 shares in the last quarter. Handelsbanken Fonder AB lifted its position in shares of Core Scientific by 0.7% during the 2nd quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company’s stock valued at $2,418,000 after acquiring an additional 700 shares during the last quarter. Orion Porfolio Solutions LLC boosted its stake in shares of Core Scientific by 5.2% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company’s stock worth $279,000 after acquiring an additional 766 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Core Scientific by 34.5% in the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock worth $78,000 after acquiring an additional 782 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Core Scientific by 4.2% during the fourth quarter. Bank of Montreal Can now owns 21,592 shares of the company’s stock worth $314,000 after purchasing an additional 869 shares during the period.

Wall Street Analyst Weigh In

CORZ has been the subject of a number of recent analyst reports. Loop Capital set a $40.00 price target on Core Scientific in a research report on Friday, June 12th. Capital One Financial set a $33.00 price objective on shares of Core Scientific in a research note on Thursday, July 30th. Freedom Capital upgraded shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. Canaccord Genuity Group lifted their target price on shares of Core Scientific from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Finally, BTIG Research restated a “buy” rating and set a $38.00 price target on shares of Core Scientific in a report on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.18.

Insider Buying and Selling

In related news, Director Eric Stanton Weiss bought 7,000 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was bought at an average price of $19.19 per share, with a total value of $134,330.00. Following the purchase, the director directly owned 259,262 shares of the company’s stock, valued at approximately $4,975,237.78. This represents a 2.77% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $19.97, for a total transaction of $199,700.00. Following the completion of the transaction, the insider directly owned 1,969,101 shares in the company, valued at $39,322,946.97. This trade represents a 0.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 90,000 shares of company stock worth $2,185,800 over the last ninety days. 1.70% of the stock is currently owned by insiders.

Core Scientific Trading Down 3.0%

NASDAQ:CORZ opened at $17.27 on Tuesday. The business’s fifty day moving average price is $22.75 and its 200 day moving average price is $21.01. The firm has a market capitalization of $5.55 billion, a price-to-earnings ratio of -3.91 and a beta of 5.59. Core Scientific, Inc. has a 1-year low of $13.14 and a 1-year high of $30.46.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) 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 analysts’ expectations of $144.83 million. Equities analysts forecast that Core Scientific, Inc. will post -1.36 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.