Allianz Asset Management GmbH Purchases New Shares in Core Scientific, Inc. $CORZ

Allianz Asset Management GmbH purchased a new stake in Core Scientific, Inc. (NASDAQ:CORZ) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 607,324 shares of the company’s stock, valued at approximately $10,367,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Wellington Management Group LLP grew its stake in shares of Core Scientific by 11.7% in the first quarter. Wellington Management Group LLP now owns 11,967 shares of the company’s stock valued at $87,000 after acquiring an additional 1,256 shares in the last quarter. SBI Securities Co. Ltd. grew its stake in shares of Core Scientific by 17.8% in the first quarter. SBI Securities Co. Ltd. now owns 10,391 shares of the company’s stock valued at $75,000 after acquiring an additional 1,567 shares in the last quarter. US Bancorp DE grew its stake in Core Scientific by 23.7% during the first quarter. US Bancorp DE now owns 8,682 shares of the company’s stock worth $63,000 after buying an additional 1,663 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Core Scientific by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,393 shares of the company’s stock worth $126,000 after buying an additional 1,746 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in Core Scientific by 1.3% during the first quarter. Deutsche Bank AG now owns 167,100 shares of the company’s stock worth $1,210,000 after buying an additional 2,068 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CORZ shares. Compass Point started coverage on shares of Core Scientific in a research note on Monday, September 15th. They set a “buy” rating on the stock. Roth Capital reduced their price objective on shares of Core Scientific from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Friday, August 22nd. Craig Hallum downgraded shares of Core Scientific from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research note on Wednesday, October 8th. Finally, Jefferies Financial Group increased their price objective on shares of Core Scientific from $16.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $18.71.

Core Scientific Stock Performance

Shares of CORZ opened at $19.23 on Wednesday. Core Scientific, Inc. has a 52 week low of $6.20 and a 52 week high of $20.36. The stock has a market capitalization of $5.91 billion, a price-to-earnings ratio of -34.34 and a beta of 6.58. The stock has a fifty day moving average of $16.16 and a 200-day moving average of $13.07.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The firm had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The firm’s revenue was down 44.3% on a year-over-year basis. As a group, equities analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current year.

About Core Scientific

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.