Summit Trail Advisors LLC Takes $6.46 Million Position in Core Scientific, Inc. (NASDAQ:CORZ)

Summit Trail Advisors LLC acquired a new position in Core Scientific, Inc. (NASDAQ:CORZ) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 694,079 shares of the company’s stock, valued at approximately $6,455,000. Summit Trail Advisors LLC owned about 0.39% 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 added to or reduced their stakes in the company. Banque Cantonale Vaudoise bought a new stake in shares of Core Scientific during the second quarter valued at about $28,000. Aspect Partners LLC purchased a new stake in shares of Core Scientific in the first quarter worth $29,000. Hexagon Capital Partners LLC bought a new stake in Core Scientific during the first quarter valued at $34,000. Lindbrook Capital LLC purchased a new position in Core Scientific during the first quarter worth about $65,000. Finally, Rise Advisors LLC bought a new position in shares of Core Scientific in the second quarter worth approximately $65,000.

Core Scientific Stock Up 3.2 %

Shares of CORZ opened at $11.98 on Friday. The business’s 50-day moving average is $10.19 and its two-hundred day moving average is $7.02. Core Scientific, Inc. has a fifty-two week low of $2.61 and a fifty-two week high of $12.63.

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

Analyst Ratings Changes

Several research analysts have recently commented on CORZ shares. B. Riley upgraded Core Scientific from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $0.50 to $13.00 in a report on Wednesday, July 17th. HC Wainwright increased their price target on shares of Core Scientific from $11.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $17.00 price target on shares of Core Scientific in a research note on Tuesday, September 10th. Needham & Company LLC assumed coverage on Core Scientific in a research note on Wednesday, September 4th. They issued a “buy” rating and a $16.00 price target on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $20.00 price objective on shares of Core Scientific in a research note on Tuesday, September 3rd. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Core Scientific has an average rating of “Buy” and an average target price of $14.88.

Insider Transactions at Core Scientific

In other news, Director Jarrod M. Patten bought 5,021 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $9.68 per share, for a total transaction of $48,603.28. Following the acquisition, the director now directly owns 285,760 shares of the company’s stock, valued at approximately $2,766,156.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Core Scientific news, insider Todd M. Duchene sold 7,321 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $9.39, for a total value of $68,744.19. Following the completion of the transaction, the insider now owns 359,877 shares in the company, valued at $3,379,245.03. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jarrod M. Patten bought 5,021 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of $9.68 per share, for a total transaction of $48,603.28. Following the completion of the purchase, the director now directly owns 285,760 shares of the company’s stock, valued at approximately $2,766,156.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 12,761 shares of company stock valued at $127,080 and sold 27,655 shares valued at $260,087. Insiders own 32.00% of the company’s stock.

Core Scientific 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.