Anson Funds Management LP Acquires New Shares in Core Scientific, Inc. $CORZ

Key Points

• Anson Funds Management LP acquired a new position in Core Scientific, Inc. by purchasing 95,100 shares, valued at approximately $689,000, in the first quarter of 2023.
• Core Scientific reported a quarterly earnings loss of ($0.04) per share, exceeding analysts' expectations, but its revenue fell 44.3% year-over-year to $78.63 million.
• Analysts have assigned multiple ratings to Core Scientific stock, with a consensus rating of "Hold" and a target price of $18.32.

Anson Funds Management LP bought a new stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 95,100 shares of the company's stock, valued at approximately $689,000.

Other institutional investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. lifted its position in Core Scientific by 229.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock worth $272,000 after purchasing an additional 26,135 shares during the period. Summit Trail Advisors LLC acquired a new position in shares of Core Scientific in the first quarter valued at approximately $357,000. Deutsche Bank AG increased its stake in shares of Core Scientific by 53.8% in the fourth quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock valued at $2,319,000 after buying an additional 57,742 shares during the period. Millennium Management LLC acquired a new position in shares of Core Scientific in the fourth quarter valued at approximately $1,335,000. Finally, Teacher Retirement System of Texas acquired a new stake in Core Scientific during the 1st quarter valued at approximately $234,000.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 60,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total transaction of $679,800.00. Following the completion of the transaction, the insider owned 2,100,102 shares in the company, valued at $23,794,155.66. This represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 117,759 shares of company stock worth $1,391,434 in the last ninety days. 1.40% of the stock is owned by corporate insiders.

Core Scientific Stock Performance

CORZ traded down $0.28 during midday trading on Friday, hitting $14.08. The stock had a trading volume of 3,166,894 shares, compared to its average volume of 16,443,896. The company has a market cap of $4.30 billion, a P/E ratio of -25.13 and a beta of 6.60. The business has a fifty day moving average of $14.14 and a 200 day moving average of $11.12. Core Scientific, Inc. has a 1 year low of $6.20 and a 1 year high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued 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 firm's quarterly revenue was down 44.3% compared to the same quarter last year. On average, equities research analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CORZ has been the topic of a number of research analyst reports. BTIG Research cut Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price target on the stock. in a report on Monday, July 7th. Canaccord Genuity Group restated a "buy" rating and set a $17.00 price target on shares of Core Scientific in a report on Friday, June 27th. Macquarie restated a "neutral" rating and set a $15.00 price target on shares of Core Scientific in a report on Tuesday, August 19th. Citigroup cut Core Scientific from an "outperform" rating to a "market perform" rating in a report on Monday, July 14th. Finally, Roth Capital dropped their price target on shares of Core Scientific from $20.00 to $17.00 and set a "neutral" rating on the stock in a research report on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Core Scientific presently has a consensus rating of "Hold" and a consensus price target of $18.32.

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.