Van ECK Associates Corp Invests $12.24 Million in Core Scientific, Inc. (NASDAQ:CORZ)

Van ECK Associates Corp purchased a new position in Core Scientific, Inc. (NASDAQ:CORZ) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 1,316,002 shares of the company’s stock, valued at approximately $12,239,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Barings LLC bought a new position in shares of Core Scientific in the 1st quarter worth $36,515,000. Vanguard Group Inc. bought a new position in Core Scientific during the first quarter worth about $21,973,000. Kensico Capital Management Corp bought a new position in Core Scientific during the first quarter worth about $18,513,000. Vident Advisory LLC bought a new position in Core Scientific during the first quarter worth about $4,047,000. Finally, Bank of New York Mellon Corp lifted its holdings in Core Scientific by 3,236.0% during the second quarter. Bank of New York Mellon Corp now owns 674,043 shares of the company’s stock worth $6,269,000 after acquiring an additional 653,838 shares in the last quarter.

Core Scientific Price Performance

CORZ opened at $10.32 on Monday. The business’s 50-day moving average price is $9.95 and its two-hundred day moving average price is $6.33. Core Scientific, Inc. has a 1 year low of $2.61 and a 1 year high of $12.25.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The company had revenue of $141.10 million during the quarter, compared to analyst estimates of $128.58 million. The business’s quarterly revenue was up 11.2% on a year-over-year basis. Equities analysts anticipate that Core Scientific, Inc. will post 0.01 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CORZ shares. B. Riley upgraded Core Scientific from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $0.50 to $13.00 in a report on Wednesday, July 17th. LADENBURG THALM/SH SH reiterated a “buy” rating and set a $14.50 target price on shares of Core Scientific in a report on Tuesday, July 2nd. Sanford C. Bernstein started coverage on Core Scientific in a report on Wednesday, July 10th. They set an “outperform” rating and a $17.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a report on Thursday, August 8th. Finally, HC Wainwright lifted their price target on Core Scientific from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, Core Scientific has a consensus rating of “Buy” and a consensus target price of $14.71.

Insider Activity at Core Scientific

In related news, Director Jarrod M. Patten bought 4,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were acquired at an average price of $9.70 per share, with a total value of $38,800.00. Following the completion of the transaction, the director now owns 279,239 shares in the company, valued at $2,708,618.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Todd M. Duchene sold 7,321 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $9.39, for a total transaction of $68,744.19. Following the completion of the sale, the insider now owns 359,877 shares in the company, valued at $3,379,245.03. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jarrod M. Patten acquired 4,000 shares of Core Scientific stock in a transaction dated Wednesday, August 28th. The shares were purchased at an average price of $9.70 per share, with a total value of $38,800.00. Following the acquisition, the director now owns 279,239 shares of the company’s stock, valued at $2,708,618.30. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 31,425 shares of company stock valued at $297,749. 32.00% of the stock is owned by insiders.

Core Scientific Company Profile

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.