Clearline Capital LP Buys Shares of 2,095,863 Core Scientific, Inc. (NASDAQ:CORZ)

Clearline Capital LP acquired a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,095,863 shares of the company's stock, valued at approximately $29,447,000. Core Scientific comprises 3.9% of Clearline Capital LP's portfolio, making the stock its 5th largest holding. Clearline Capital LP owned approximately 0.75% of Core Scientific as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CORZ. Wealth Enhancement Advisory Services LLC grew its holdings in Core Scientific by 25.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company's stock worth $1,378,000 after acquiring an additional 20,000 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Core Scientific by 48.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 437,812 shares of the company's stock valued at $5,192,000 after purchasing an additional 142,068 shares during the last quarter. FNY Investment Advisers LLC lifted its stake in shares of Core Scientific by 35.8% during the fourth quarter. FNY Investment Advisers LLC now owns 190,747 shares of the company's stock worth $2,679,000 after buying an additional 50,275 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in Core Scientific during the 4th quarter valued at about $527,000. Finally, Stephens Inc. AR purchased a new stake in Core Scientific in the fourth quarter valued at approximately $927,000.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CORZ. Compass Point decreased their price objective on Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Cantor Fitzgerald dropped their target price on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday, February 27th. Keefe, Bruyette & Woods assumed coverage on shares of Core Scientific in a research report on Monday, January 27th. They issued an "outperform" rating and a $22.00 target price for the company. HC Wainwright reiterated a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, March 11th. Finally, Needham & Company LLC decreased their target price on shares of Core Scientific from $18.00 to $17.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $19.07.

Insider Buying and Selling at Core Scientific

In other news, Director Todd A. Becker sold 134,250 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $10.75, for a total value of $1,443,187.50. Following the transaction, the director now owns 195,687 shares in the company, valued at approximately $2,103,635.25. This represents a 40.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jordan Levy bought 62,500 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $8.01 per share, with a total value of $500,625.00. Following the purchase, the director now owns 306,887 shares of the company's stock, valued at $2,458,164.87. The trade was a 25.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.40% of the company's stock.

Core Scientific Price Performance

Shares of NASDAQ CORZ traded down $0.13 during mid-day trading on Friday, hitting $9.32. The company had a trading volume of 7,891,097 shares, compared to its average volume of 13,005,471. The company has a market capitalization of $2.75 billion, a PE ratio of -1.72 and a beta of 6.66. The business's 50-day simple moving average is $7.92 and its 200 day simple moving average is $12.08. Core Scientific, Inc. has a 1-year low of $3.46 and a 1-year high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The company had revenue of $79.53 million during the quarter, compared to analysts' expectations of $92.04 million. During the same quarter in the previous year, the business posted $0.78 EPS. The business's quarterly revenue was down 55.6% compared to the same quarter last year. On average, analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current year.

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.