Murchinson Ltd. Takes $796,000 Position in Core Scientific, Inc. $CORZ

Key Points

• Murchinson Ltd. acquired 110,000 shares of Core Scientific, Inc. valued at approximately $796,000, indicating growing institutional interest in the company.
• Core Scientific reported a quarterly loss of ($0.04) earnings per share, beating expectations, but its revenue decreased by 44.3% year-over-year, highlighting challenges in its operations.
• Analysts have downgraded Core Scientific's stock ratings, with a consensus rating of "Hold" and a target price of $18.32, reflecting concerns about its financial performance.

Murchinson Ltd. purchased a new stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 110,000 shares of the company's stock, valued at approximately $796,000.

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Arete assumed coverage on Core Scientific in a research note on Tuesday, July 22nd. They set a "buy" rating and a $20.00 target price for the company. Citizens Jmp cut Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 14th. Macquarie reissued a "neutral" rating and set a $15.00 price target on shares of Core Scientific in a report on Tuesday, August 19th. BTIG Research cut Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price target for the company. in a report on Monday, July 7th. Finally, Barclays cut Core Scientific to an "underweight" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $18.32.

Core Scientific Trading Up 2.3%

NASDAQ CORZ traded up $0.31 during midday trading on Monday, hitting $13.93. The company had a trading volume of 6,611,636 shares, compared to its average volume of 15,485,163. The company has a market capitalization of $4.25 billion, a PE ratio of -24.88 and a beta of 6.59. The firm has a 50-day moving average price of $14.14 and a 200-day moving average price of $11.20. Core Scientific, Inc. has a twelve month low of $6.20 and a twelve month high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.03. The company 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. On average, equities analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total value 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. The trade was a 0.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.40% of the stock is owned by corporate insiders.

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.