Advantage Alpha Capital Partners LP Decreases Stock Position in Core Scientific, Inc. $CORZ

Key Points

• Advantage Alpha Capital Partners LP reduced its stake in Core Scientific, Inc. by 24.8%, now holding 100,838 shares valued at approximately $730,000.
• Insider trading saw Director Yadin Rozov purchase 110,000 shares for about $1.2 million, while another insider sold 60,000 shares, signaling varying confidence among insiders.
• Core Scientific's stock opened at $13.79 and has seen a decline of 44.3% in year-over-year revenue, highlighting challenges despite a slight earnings beat.

Advantage Alpha Capital Partners LP cut its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 24.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 100,838 shares of the company's stock after selling 33,264 shares during the quarter. Advantage Alpha Capital Partners LP's holdings in Core Scientific were worth $730,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CORZ. Wells Fargo & Company MN raised its stake in Core Scientific by 41.7% in the fourth quarter. Wells Fargo & Company MN now owns 100,848 shares of the company's stock valued at $1,417,000 after buying an additional 29,669 shares during the last quarter. Envestnet Asset Management Inc. purchased a new stake in Core Scientific in the fourth quarter valued at about $1,707,000. Bank of Montreal Can purchased a new position in shares of Core Scientific in the fourth quarter worth about $142,000. Legal & General Group Plc raised its stake in shares of Core Scientific by 30.3% in the fourth quarter. Legal & General Group Plc now owns 194,368 shares of the company's stock worth $2,731,000 after purchasing an additional 45,189 shares during the last quarter. Finally, Guggenheim Capital LLC purchased a new position in shares of Core Scientific in the fourth quarter worth about $234,000.

Insiders Place Their Bets

In other Core Scientific news, Director Yadin Rozov bought 110,000 shares of Core Scientific stock in a transaction on Wednesday, May 28th. The shares were bought at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the transaction, the director directly owned 475,687 shares of the company's stock, valued at $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, insider Todd M. Duchene sold 60,000 shares of Core Scientific stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $11.33, for a total value of $679,800.00. Following the completion of the sale, the insider owned 2,100,102 shares in the company, valued at $23,794,155.66. This represents a 2.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 117,759 shares of company stock worth $1,391,434 in the last three months. 1.40% of the stock is currently owned by corporate insiders.

Core Scientific Trading Down 2.1%

Shares of CORZ opened at $13.79 on Friday. Core Scientific, Inc. has a 12 month low of $6.20 and a 12 month high of $18.63. The stock's 50 day moving average is $13.94 and its two-hundred day moving average is $11.07. The firm has a market cap of $4.21 billion, a P/E ratio of -24.63 and a beta of 6.60.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly 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% compared to the same quarter last year. Equities research analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CORZ. Craig Hallum cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 7th. Macquarie restated a "neutral" rating and issued a $15.00 price objective on shares of Core Scientific in a research note on Tuesday. Arete Research upgraded Core Scientific to a "strong-buy" rating in a research note on Tuesday, July 22nd. BTIG Research cut Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price objective for the company. in a research note on Monday, July 7th. Finally, Citigroup cut Core Scientific from an "outperform" rating to a "market perform" rating in a research note on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $18.47.

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.

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