Apollo Management Holdings L.P. Buys New Shares in Core Scientific, Inc. $CORZ

Key Points

• Apollo Management Holdings acquired 4.52 million Core Scientific shares worth approximately $115.7 million, giving it a 1.41% stake and making CORZ one of its largest portfolio positions.
• Core Scientific reported a quarterly loss of $3.32 per share, far below the $0.06 consensus estimate, although revenue of $164.2 million exceeded expectations.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $32.18, despite shares opening at $16.51 and continuing to show high volatility.

Apollo Management Holdings L.P. purchased a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 4,520,165 shares of the company's stock, valued at approximately $115,671,000. Core Scientific accounts for about 1.3% of Apollo Management Holdings L.P.'s portfolio, making the stock its 11th biggest position. Apollo Management Holdings L.P. owned approximately 1.41% of Core Scientific as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Xponance LLC increased its holdings in shares of Core Scientific by 2.5% in the fourth quarter. Xponance LLC now owns 22,896 shares of the company's stock worth $333,000 after purchasing an additional 562 shares during the last quarter. Handelsbanken Fonder AB raised its stake in Core Scientific by 0.7% during the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company's stock valued at $2,418,000 after purchasing an additional 700 shares in the last quarter. Orion Porfolio Solutions LLC raised its stake in Core Scientific by 5.2% during the third quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company's stock valued at $279,000 after purchasing an additional 766 shares in the last quarter. GAMMA Investing LLC lifted its position in Core Scientific by 34.5% during the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock valued at $78,000 after purchasing an additional 782 shares during the last quarter. Finally, Bank of Montreal Can lifted its position in Core Scientific by 4.2% during the fourth quarter. Bank of Montreal Can now owns 21,592 shares of the company's stock valued at $314,000 after purchasing an additional 869 shares during the last quarter.

Core Scientific Stock Performance

Shares of NASDAQ CORZ opened at $16.51 on Monday. Core Scientific, Inc. has a 12-month low of $13.14 and a 12-month high of $30.46. The stock's fifty day simple moving average is $21.85 and its two-hundred day simple moving average is $21.03. The stock has a market capitalization of $5.31 billion, a PE ratio of -3.74 and a beta of 5.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million during the quarter, compared to analysts' expectations of $144.83 million. On average, equities analysts predict that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the company's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $19.97, for a total transaction of $199,700.00. Following the transaction, the insider directly owned 1,969,101 shares of the company's stock, valued at approximately $39,322,946.97. This represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 100,000 shares of company stock valued at $2,360,300 over the last 90 days. 1.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CORZ shares. Jefferies Financial Group boosted their target price on shares of Core Scientific from $24.00 to $37.00 and gave the stock a "buy" rating in a report on Thursday, May 14th. Weiss Ratings restated a "sell (d-)" rating on shares of Core Scientific in a report on Friday, July 17th. Lucid Cap Mkts upgraded Core Scientific to a "strong-buy" rating in a research report on Friday, June 12th. BTIG Research reaffirmed a "buy" rating and set a $38.00 price objective on shares of Core Scientific in a research note on Tuesday, July 28th. Finally, Wolfe Research reissued a "buy" rating on shares of Core Scientific in a research report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $32.18.

About Core Scientific

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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