Royal Bank of Canada Has $1.42 Million Stock Position in Core Scientific, Inc. $CORZ

Royal Bank of Canada lifted its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 62.6% during the first quarter, HoldingsChannel reports. The firm owned 94,838 shares of the company’s stock after acquiring an additional 36,517 shares during the quarter. Royal Bank of Canada’s holdings in Core Scientific were worth $1,419,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Empowered Funds LLC bought a new stake in Core Scientific during the first quarter worth $346,000. The Manufacturers Life Insurance Company grew its position in shares of Core Scientific by 45.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 139,102 shares of the company’s stock valued at $2,081,000 after acquiring an additional 43,697 shares during the period. Quantinno Capital Management LP increased its stake in shares of Core Scientific by 35.6% during the 1st quarter. Quantinno Capital Management LP now owns 26,326 shares of the company’s stock worth $394,000 after purchasing an additional 6,909 shares during the last quarter. Carronade Capital Management LP increased its stake in shares of Core Scientific by 1.1% during the 1st quarter. Carronade Capital Management LP now owns 101,103 shares of the company’s stock worth $1,513,000 after purchasing an additional 1,103 shares during the last quarter. Finally, Weiss Asset Management LP raised its holdings in shares of Core Scientific by 51,480.9% in the 1st quarter. Weiss Asset Management LP now owns 557,590 shares of the company’s stock valued at $8,342,000 after purchasing an additional 556,509 shares during the period.

Analysts Set New Price Targets

Several brokerages recently issued reports on CORZ. Canaccord Genuity Group raised their target price on shares of Core Scientific from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Sanford C. Bernstein reissued an “outperform” rating and set a $32.00 price target on shares of Core Scientific in a research report on Wednesday, June 3rd. BTIG Research reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Core Scientific in a research report on Tuesday, July 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. Finally, Compass Point reiterated a “buy” rating and set a $36.00 target price on shares of Core Scientific in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.18.

Insider Activity

In other news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $19.97, for a total value of $199,700.00. Following the transaction, the insider owned 1,969,101 shares of the company’s stock, valued at approximately $39,322,946.97. This represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 100,000 shares of company stock worth $2,448,300 in the last three months. Insiders own 1.70% of the company’s stock.

Core Scientific Price Performance

Shares of CORZ opened at $18.72 on Thursday. The company’s 50-day moving average is $23.34 and its 200-day moving average is $21.01. The firm has a market capitalization of $6.02 billion, a PE ratio of -4.24 and a beta of 5.59. Core Scientific, Inc. has a fifty-two week low of $13.14 and a fifty-two week high of $30.46.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The company had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. Analysts predict that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal 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.