Core Scientific, Inc. $CORZ is Clearline Capital LP's 2nd Largest Position

Key Points

• Clearline Capital LP increased its stake in Core Scientific, Inc. by 157.8%, making it the firm's second largest holding at approximately $39 million.
• Core Scientific's stock has seen varied analyst ratings, with Needham & Company LLC and Craig Hallum downgrading it to a "hold," while others maintain a "buy" rating with price targets between $17.00 and $20.00.
• The company reported a 44.3% decline in quarterly revenue year-over-year, despite exceeding EPS estimates with a reported loss of ($0.04) compared to a consensus estimate of ($0.07).

Clearline Capital LP increased its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 157.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,403,963 shares of the company's stock after purchasing an additional 3,308,100 shares during the quarter. Core Scientific accounts for 2.4% of Clearline Capital LP's portfolio, making the stock its 2nd biggest holding. Clearline Capital LP owned about 1.81% of Core Scientific worth $39,125,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. State of Wyoming bought a new position in Core Scientific in the first quarter valued at about $34,000. Emerald Mutual Fund Advisers Trust bought a new position in Core Scientific in the first quarter valued at about $38,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Core Scientific in the first quarter valued at about $50,000. CWM LLC lifted its holdings in Core Scientific by 403.9% in the first quarter. CWM LLC now owns 8,092 shares of the company's stock valued at $59,000 after acquiring an additional 6,486 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Core Scientific by 1,722.3% in the first quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock valued at $62,000 after acquiring an additional 8,095 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CORZ shares. Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a report on Friday, June 27th. Arete Research raised Core Scientific to a "strong-buy" rating in a report on Tuesday, July 22nd. Macquarie restated a "neutral" rating and issued a $15.00 price target on shares of Core Scientific in a research report on Tuesday, August 19th. HC Wainwright restated a "neutral" rating on shares of Core Scientific in a research report on Monday, August 11th. Finally, Craig Hallum cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Core Scientific currently has an average rating of "Hold" and an average price target of $18.39.

Core Scientific Price Performance

Shares of NASDAQ:CORZ traded up $0.31 during trading on Friday, hitting $15.86. 9,757,001 shares of the company's stock were exchanged, compared to its average volume of 14,806,059. Core Scientific, Inc. has a 52-week low of $6.20 and a 52-week high of $18.63. The business's 50-day simple moving average is $13.96 and its 200 day simple moving average is $11.33. The company has a market cap of $4.84 billion, a price-to-earnings ratio of -28.32 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 (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. On average, sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insiders Place Their Bets

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 transaction of $96,134.01. Following the completion of the transaction, the insider owned 2,049,689 shares in the company, valued at $25,395,646.71. This trade represents a 0.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.40% of the stock is owned by corporate insiders.

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.