Fifth Third Bancorp Makes New Investment in Core Scientific, Inc. $CORZ

Fifth Third Bancorp purchased a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 3,997,473 shares of the company’s stock, valued at approximately $59,802,000. Fifth Third Bancorp owned about 1.27% of Core Scientific as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Allworth Financial LP raised its stake in shares of Core Scientific by 206.5% in the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after purchasing an additional 950 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of Core Scientific by 936.7% during the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after purchasing an additional 1,686 shares during the period. Osaic Holdings Inc. boosted its position in Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after buying an additional 1,066 shares during the last quarter. Danske Bank A S purchased a new stake in Core Scientific in the fourth quarter valued at approximately $36,000. Finally, State of Wyoming acquired a new position in Core Scientific in the 4th quarter worth approximately $66,000.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CORZ. Needham & Company LLC raised their price target on shares of Core Scientific from $23.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Core Scientific in a report on Wednesday, June 3rd. Cantor Fitzgerald increased their price objective on shares of Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Freedom Capital upgraded shares of Core Scientific to a “hold” rating in a research note on Monday, June 15th. Finally, Loop Capital set a $40.00 target price on shares of Core Scientific in a report on Friday, June 12th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $29.78.

Core Scientific Price Performance

Shares of CORZ opened at $23.49 on Monday. Core Scientific, Inc. has a 52 week low of $12.42 and a 52 week high of $30.46. The company has a market capitalization of $7.47 billion, a price-to-earnings ratio of -20.61 and a beta of 5.50. The stock’s 50-day moving average price is $25.52 and its 200-day moving average price is $20.20.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The company had revenue of $115.24 million during the quarter, compared to the consensus estimate of $117.04 million. During the same period in the prior year, the company posted $1.25 EPS. The company’s quarterly revenue was up 44.9% compared to the same quarter last year. As a group, equities analysts anticipate that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $22.63, for a total transaction of $226,300.00. Following the sale, the insider owned 2,023,426 shares of the company’s stock, valued at $45,790,130.38. This trade represents a 0.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders sold 90,000 shares of company stock valued at $2,209,800. Corporate insiders own 1.70% of the company’s stock.

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.