CenterBook Partners LP Raises 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 boosted its position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 1,099.2% in the 1st quarter, according to its most recent 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 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CORZ. Pictet Asset Management Holding SA raised its holdings in Core Scientific by 49.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 27,193 shares of the company's stock worth $382,000 after purchasing an additional 8,960 shares in the last quarter. Orion Portfolio Solutions LLC acquired a new stake in Core Scientific during the 4th quarter worth $176,000. Alliancebernstein L.P. lifted its position in Core Scientific by 8.7% in the fourth quarter. Alliancebernstein L.P. now owns 202,859 shares of the company's stock valued at $2,850,000 after acquiring an additional 16,239 shares during the last quarter. Geode Capital Management LLC boosted its stake in Core Scientific by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 5,532,715 shares of the company's stock valued at $77,756,000 after acquiring an additional 256,142 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Core Scientific by 41.7% during the fourth quarter. Wells Fargo & Company MN now owns 100,848 shares of the company's stock worth $1,417,000 after purchasing an additional 29,669 shares during the last quarter.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $14.11 on Thursday. The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of -2.81 and a beta of 6.60. Core Scientific, Inc. has a 1 year low of $6.20 and a 1 year high of $18.63. The stock has a fifty day moving average price of $13.42 and a two-hundred day moving average price of $11.02.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The company had revenue of $79.53 million for the quarter, compared to analyst estimates of $92.04 million. During the same quarter in the previous year, the company posted $0.78 earnings per share. The company's quarterly revenue was down 55.6% compared to the same quarter last year. On average, analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Buying and Selling

In other news, Director Yadin Rozov bought 110,000 shares of the stock in a transaction on Wednesday, May 28th. The shares were bought at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the acquisition, the director owned 475,687 shares of the company's stock, valued at approximately $5,170,717.69. This trade 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 available through this hyperlink. Also, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction 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 transaction, the insider directly owned 2,049,689 shares of the company's stock, valued at $25,395,646.71. This trade represents a 0.38% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 117,759 shares of company stock worth $1,391,434. Insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on CORZ. Citigroup downgraded Core Scientific from an "outperform" rating to a "market perform" rating in a report on Monday, July 14th. Oppenheimer reissued a "market perform" rating on shares of Core Scientific in a report on Monday, July 7th. JMP Securities restated a "market perform" rating and set a $15.00 target price on shares of Core Scientific in a research report on Monday, July 14th. Roth Capital reiterated a "neutral" rating and set a $20.00 price target on shares of Core Scientific in a research note on Tuesday, July 8th. Finally, Citizens Jmp lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 14th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $18.32.

About Core Scientific

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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