Algert Global LLC Grows Holdings in Core Scientific, Inc. $CORZ

Key Points

• Algert Global increased its Core Scientific stake by 189.8% in the second quarter, bringing its holdings to 364,340 shares valued at approximately $9.3 million. Other major investors, including Vanguard and Situational Awareness, also expanded their positions.
• Analysts remain broadly positive, with Core Scientific receiving a “Moderate Buy” consensus rating and an average price target of $32.18. Recent firms raised targets as high as $42.
• Core Scientific reported a quarterly loss of $3.32 per share, far below the $0.06 loss analysts expected, although revenue of $164.2 million exceeded estimates. Shares opened at $18.03, well below the 52-week high of $30.46.

Algert Global LLC lifted its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 189.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 364,340 shares of the company's stock after acquiring an additional 238,620 shares during the quarter. Algert Global LLC owned 0.11% of Core Scientific worth $9,323,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CORZ. Vanguard Group Inc. grew its position in Core Scientific by 18.7% in the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock valued at $494,462,000 after acquiring an additional 5,359,710 shares in the last quarter. Situational Awareness LP boosted its stake in shares of Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company's stock valued at $418,694,000 after purchasing an additional 8,575,944 shares during the period. BlackRock Inc. purchased a new position in shares of Core Scientific in the second quarter valued at approximately $719,649,000. Jericho Capital Asset Management L.P. boosted its stake in shares of Core Scientific by 11.4% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company's stock valued at $189,842,000 after purchasing an additional 1,338,796 shares during the period. Finally, Value Aligned Research Advisors LLC acquired a new position in shares of Core Scientific in the fourth quarter valued at approximately $117,786,000.

Insiders Place Their Bets

In other news, insider Todd M. Duchene sold 10,000 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $19.97, for a total transaction of $199,700.00. Following the sale, the insider owned 1,969,101 shares of the company's stock, valued at approximately $39,322,946.97. This trade represents a 0.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric Stanton Weiss bought 7,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 18th. The shares were acquired at an average price of $19.19 per share, with a total value of $134,330.00. Following the purchase, the director owned 259,262 shares of the company's stock, valued at $4,975,237.78. The trade was a 2.77% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 90,000 shares of company stock valued at $2,185,800 in the last ninety days. Insiders own 1.70% of the company's stock.

Analyst Ratings Changes

CORZ has been the topic of several recent research reports. Capital One Financial set a $33.00 target price on shares of Core Scientific in a research note on Thursday, July 30th. B. Riley Financial raised their price target on shares of Core Scientific from $33.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Needham & Company LLC boosted their price target on shares of Core Scientific from $29.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods raised Core Scientific from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $25.00 to $28.00 in a research report on Thursday, July 30th. Finally, Compass Point reiterated a "buy" rating and issued a $36.00 price objective on shares of Core Scientific in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $32.18.

Core Scientific Trading Up 4.4%

Shares of NASDAQ:CORZ opened at $18.03 on Wednesday. Core Scientific, Inc. has a 52 week low of $13.14 and a 52 week high of $30.46. The company's 50 day moving average is $22.55 and its two-hundred day moving average is $21.02. The company has a market cap of $5.79 billion, a PE ratio of -4.08 and a beta of 5.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. As a group, equities research analysts expect that Core Scientific, Inc. will post -1.36 EPS for the current year.

Core Scientific Profile

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

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