1,000,000 Shares in Core Scientific, Inc. $CORZ Bought by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. acquired 1,000,000 shares of Core Scientific, Inc. during the first quarter, valued at approximately $7.24 million, representing roughly 0.34% ownership of the company.
• The company reported a net loss of ($0.04) earnings per share for the last quarter, exceeding expectations but reflecting a 44.3% year-over-year revenue decline.
• A mix of analysts maintain a consensus rating of "Hold" on Core Scientific, with a price target average of $18.32, while some analysts have varied ratings, from "Strong Buy" to "Sell".

Adage Capital Partners GP L.L.C. bought a new stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,000,000 shares of the company's stock, valued at approximately $7,240,000. Adage Capital Partners GP L.L.C. owned 0.34% of Core Scientific as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Core Scientific by 6.2% during the first quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company's stock valued at $148,985,000 after purchasing an additional 1,199,448 shares during the period. Parsifal Capital Management LP raised its holdings in shares of Core Scientific by 3.7% during the fourth quarter. Parsifal Capital Management LP now owns 5,615,199 shares of the company's stock valued at $78,894,000 after purchasing an additional 202,374 shares during the period. Situational Awareness LP acquired a new position in shares of Core Scientific during the first quarter valued at about $32,736,000. Voloridge Investment Management LLC raised its holdings in shares of Core Scientific by 4.5% during the fourth quarter. Voloridge Investment Management LLC now owns 4,048,932 shares of the company's stock valued at $56,887,000 after purchasing an additional 175,587 shares during the period. Finally, Taconic Capital Advisors LP raised its holdings in shares of Core Scientific by 7.8% during the fourth quarter. Taconic Capital Advisors LP now owns 2,930,617 shares of the company's stock valued at $41,175,000 after purchasing an additional 213,155 shares during the period.

Core Scientific Stock Performance

CORZ opened at $13.62 on Monday. The company has a 50 day moving average of $14.20 and a 200 day moving average of $11.17. The company has a market cap of $4.16 billion, a PE ratio of -24.32 and a beta of 6.59. Core Scientific, Inc. has a 12 month low of $6.20 and a 12 month high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.03. The firm had revenue of $78.63 million during the quarter, compared to analysts' expectations of $82.09 million. The company's revenue was down 44.3% on a year-over-year basis. Research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. JMP Securities restated a "market perform" rating on shares of Core Scientific in a report on Tuesday, August 12th. BTIG Research downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price objective for the company. in a research report on Monday, July 7th. Jefferies Financial Group upped their price objective on shares of Core Scientific from $16.00 to $22.00 and gave the stock a "buy" rating in a research report on Monday, August 18th. Needham & Company LLC downgraded shares of Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price objective for the company. in a research report on Thursday, July 10th. Finally, HC Wainwright reaffirmed a "neutral" rating on shares of Core Scientific in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $18.32.

Insider Buying and Selling at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total transaction of $96,134.01. Following the completion of the transaction, the insider directly owned 2,049,689 shares of the company's stock, valued at $25,395,646.71. This trade represents a 0.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.40% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.