Ardsley Advisory Partners LP Makes New Investment in Core Scientific, Inc. $CORZ

Key Points

• Ardsley Advisory Partners LP acquired 400,000 shares of Core Scientific, Inc. for approximately $2.9 million, increasing their ownership to about 0.13% as of the end of the 1st quarter.
• Other institutional investors, including Oppenheimer Asset Management and Deutsche Bank AG, have also significantly increased their stakes in Core Scientific in recent quarters.
• Core Scientific reported a revenue decline of 44.3% year-over-year, with its stock trading at $14.00 per share and a market capitalization of $4.28 billion.

Ardsley Advisory Partners LP bought a new position 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 SEC. The firm bought 400,000 shares of the company's stock, valued at approximately $2,896,000. Ardsley Advisory Partners LP owned approximately 0.13% of Core Scientific at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Oppenheimer Asset Management Inc. lifted its position in shares of Core Scientific by 229.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock worth $272,000 after buying an additional 26,135 shares in the last quarter. Summit Trail Advisors LLC bought a new position in Core Scientific in the first quarter worth approximately $357,000. Deutsche Bank AG boosted its position in Core Scientific by 53.8% during the 4th quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock valued at $2,319,000 after acquiring an additional 57,742 shares in the last quarter. Millennium Management LLC purchased a new stake in shares of Core Scientific during the 4th quarter valued at $1,335,000. Finally, Teacher Retirement System of Texas purchased a new position in Core Scientific in the 1st quarter worth $234,000.

Wall Street Analyst Weigh In

CORZ has been the topic of several research analyst reports. Citizens Jmp cut Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 14th. Roth Capital reduced their target price on shares of Core Scientific from $20.00 to $17.00 and set a "neutral" rating for the company in a report on Friday, August 22nd. Craig Hallum cut shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 7th. Macquarie reiterated a "neutral" rating and issued a $15.00 price target on shares of Core Scientific in a report on Tuesday, August 19th. Finally, Arete began coverage on shares of Core Scientific in a report on Tuesday, July 22nd. They set a "buy" rating and a $20.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Core Scientific has a consensus rating of "Hold" and an average price target of $18.32.

Core Scientific Stock Up 2.2%

Core Scientific stock traded up $0.30 during mid-day trading on Monday, hitting $13.92. 2,738,268 shares of the company's stock were exchanged, compared to its average volume of 16,210,962. Core Scientific, Inc. has a fifty-two week low of $6.20 and a fifty-two week high of $18.63. The company's 50 day simple moving average is $14.20 and its 200-day simple moving average is $11.17. The firm has a market capitalization of $4.25 billion, a P/E ratio of -24.86 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. The business had revenue of $78.63 million during the quarter, compared to the consensus estimate of $82.09 million. The firm's quarterly revenue was down 44.3% compared to the same quarter last year. Research analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction dated 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 owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. The trade was a 0.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.40% of the company's stock.

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.