Bosun Asset Management LLC Has $212,000 Holdings in Core Scientific, Inc. $CORZ

Key Points

• Bosun Asset Management LLC has significantly reduced its stake in Core Scientific, Inc. by 67.7%, owning 29,227 shares valued at approximately $212,000 after selling 61,147 shares in the first quarter.
• Core Scientific reported a revenue decline of 44.3% year-over-year, with quarterly earnings of $(0.04) EPS, surpassing analysts' estimates of $(0.07) by $0.03.
• Multiple hedge funds are increasing their stakes in Core Scientific, with CWM LLC boosting its stake by 403.9% and GAMMA Investing LLC by 1,722.3% during the same quarter.

Bosun Asset Management LLC reduced its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 67.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,227 shares of the company's stock after selling 61,147 shares during the period. Bosun Asset Management LLC's holdings in Core Scientific were worth $212,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CORZ. State of Wyoming acquired a new position in Core Scientific in the 1st quarter worth about $34,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Core Scientific during the 1st quarter worth about $38,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Core Scientific during the 1st quarter worth about $50,000. CWM LLC boosted its stake in shares of Core Scientific by 403.9% during the 1st quarter. CWM LLC now owns 8,092 shares of the company's stock worth $59,000 after acquiring an additional 6,486 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Core Scientific by 1,722.3% during the 1st quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock worth $62,000 after acquiring an additional 8,095 shares in the last quarter.

Core Scientific Stock Up 0.3%

Shares of NASDAQ:CORZ opened at $13.62 on Friday. The business has a 50 day moving average price of $14.26 and a 200 day moving average price of $11.18. Core Scientific, Inc. has a twelve month low of $6.20 and a twelve month high of $18.63. The company has a market cap 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 announced its quarterly earnings data on Friday, August 8th. The company reported ($0.04) 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 the consensus estimate of $82.09 million. The company's quarterly revenue was down 44.3% on a year-over-year basis. Analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Activity at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total value of $96,134.01. Following the completion of the sale, the insider owned 2,049,689 shares in the company, valued at approximately $25,395,646.71. This trade represents a 0.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Roth Capital decreased their price target on Core Scientific from $20.00 to $17.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. Macquarie reiterated a "neutral" rating and set a $15.00 price target on shares of Core Scientific in a research note on Tuesday, August 19th. Oppenheimer reiterated a "market perform" rating on shares of Core Scientific in a research note on Monday, July 7th. Arete assumed coverage on Core Scientific in a research note on Tuesday, July 22nd. They set a "buy" rating and a $20.00 price target for the company. Finally, Arete Research upgraded Core Scientific to a "strong-buy" rating in a research note on Tuesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $18.32.

Core Scientific 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.

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