CenterBook Partners LP Boosts Stake in Core Scientific, Inc. (NASDAQ:CORZ)

Key Points

• CenterBook Partners LP significantly increased its stake in Core Scientific, acquiring over 1 million additional shares, which represents a boost of 1,099.2% in the first quarter.
• Core Scientific reported a revenue decline of 55.6% year-over-year for its latest quarter, with earnings per share of ($0.10), slightly beating analyst expectations.
• Several research firms have downgraded Core Scientific, leading to a consensus rating of "Hold" and a price target of $18.32 for the stock.

CenterBook Partners LP increased its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 1,099.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,188,088 shares of the company's stock after acquiring an additional 1,089,017 shares during the period. CenterBook Partners LP owned about 0.40% of Core Scientific worth $8,602,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CORZ. Emerald Mutual Fund Advisers Trust bought a new position in shares of Core Scientific in the first quarter worth $38,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Core Scientific in the first quarter worth $50,000. CWM LLC raised its position in shares of Core Scientific by 403.9% in the first quarter. CWM LLC now owns 8,092 shares of the company's stock worth $59,000 after buying an additional 6,486 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Core Scientific by 1,722.3% in the first quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock worth $62,000 after buying an additional 8,095 shares in the last quarter. Finally, US Bancorp DE raised its position in shares of Core Scientific by 23.7% in the first quarter. US Bancorp DE now owns 8,682 shares of the company's stock worth $63,000 after buying an additional 1,663 shares in the last quarter.

Core Scientific Stock Performance

Shares of CORZ traded up $0.18 during mid-day trading on Monday, reaching $14.59. The company had a trading volume of 10,094,805 shares, compared to its average volume of 16,245,262. The firm has a 50-day moving average price of $13.56 and a 200 day moving average price of $10.94. Core Scientific, Inc. has a 52 week low of $6.20 and a 52 week high of $18.63. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of -26.08 and a beta of 6.60.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Friday, August 8th. The company reported ($0.04) earnings per share 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 analysts' expectations of $82.09 million. The business's quarterly revenue was down 44.3% on a year-over-year basis. As a group, research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Citigroup downgraded Core Scientific from an "outperform" rating to a "market perform" rating in a research report on Monday, July 14th. Arete initiated coverage on Core Scientific in a research report on Tuesday, July 22nd. They set a "buy" rating and a $20.00 price target on the stock. Roth Mkm restated a "buy" rating and set a $20.00 price target on shares of Core Scientific in a research report on Thursday, June 26th. Citizens Jmp downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 14th. Finally, HC Wainwright restated a "neutral" rating on shares of Core Scientific in a research report on Monday. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $18.32.

Insiders Place Their Bets

In related news, Director Yadin Rozov bought 110,000 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was acquired at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the purchase, the director owned 475,687 shares in the company, valued at approximately $5,170,717.69. This represents a 30.08% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd M. Duchene sold 7,759 shares of the business's stock in a transaction 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 sale, the insider owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. This represents a 0.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 117,759 shares of company stock valued at $1,391,434. Company 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.