Appian Way Asset Management LP Invests $3.91 Million in Core Scientific, Inc. $CORZ

Key Points

• Appian Way Asset Management LP has taken a new position in Core Scientific, Inc. (NASDAQ: CORZ), acquiring 539,376 shares valued at approximately $3.9 million, making it the firm's 18th largest holding.
• Several institutional investors increased their stakes in Core Scientific, with Driehaus Capital Management raising its holdings by over 112% to more than $144 million.
• Despite a slight earnings beat, Core Scientific reported a 44.3% decrease in quarterly revenue year-over-year, with analysts currently rating the stock with a consensus of "Hold" and a price target of $18.32.

Appian Way Asset Management LP purchased a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 539,376 shares of the company's stock, valued at approximately $3,905,000. Core Scientific makes up about 0.9% of Appian Way Asset Management LP's holdings, making the stock its 18th biggest holding. Appian Way Asset Management LP owned approximately 0.18% of Core Scientific at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CORZ. Price T Rowe Associates Inc. MD grew its holdings in shares of Core Scientific by 48.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 155,917 shares of the company's stock worth $2,191,000 after buying an additional 50,758 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Core Scientific during the fourth quarter worth about $185,000. Northern Trust Corp grew its holdings in shares of Core Scientific by 6.7% during the fourth quarter. Northern Trust Corp now owns 1,836,018 shares of the company's stock worth $25,796,000 after buying an additional 114,618 shares in the last quarter. Ameriprise Financial Inc. purchased a new stake in shares of Core Scientific during the fourth quarter worth about $2,950,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Core Scientific by 57.2% during the fourth quarter. BNP Paribas Financial Markets now owns 241,456 shares of the company's stock worth $3,392,000 after buying an additional 87,872 shares in the last quarter.

Core Scientific Price Performance

Core Scientific stock remained flat at $13.62 during trading on Friday. 9,308,720 shares of the company were exchanged, compared to its average volume of 15,485,163. Core Scientific, Inc. has a 52-week low of $6.20 and a 52-week high of $18.63. The business's 50-day moving average price is $14.20 and its 200 day moving average price is $11.17. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of -24.32 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data 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 business had revenue of $78.63 million for the quarter, compared to analysts' expectations of $82.09 million. The company's quarterly revenue was down 44.3% compared to the same quarter last year. Equities analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total transaction of $96,134.01. Following the completion of the sale, the insider directly owned 2,049,689 shares in the company, valued at $25,395,646.71. The trade was a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CORZ has been the subject of a number of recent research reports. HC Wainwright reiterated a "neutral" rating on shares of Core Scientific in a report on Monday, August 11th. Arete Research upgraded shares of Core Scientific to a "strong-buy" rating in a report on Tuesday, July 22nd. Craig Hallum downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 7th. B. Riley downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 9th. Finally, Barclays downgraded shares of 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 assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $18.32.

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.