Covenant Partners LLC Purchases Shares of 16,518 Core Scientific, Inc. $CORZ

Key Points

• Covenant Partners LLC acquired a stake in Core Scientific, Inc. by purchasing 16,518 shares, valued at approximately $282,000, during the second quarter.
• The company's stock saw a trading increase of 2.2%, with a current market value fluctuating between a 1-year low of $6.20 and a high of $20.36.
• In its latest quarterly earnings report, Core Scientific reported an EPS of ($0.04), surpassing analysts' expectations, but experienced a 44.3% decline in revenue compared to the prior year.

Covenant Partners LLC acquired a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 16,518 shares of the company's stock, valued at approximately $282,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CORZ. State of Wyoming acquired a new stake in shares of Core Scientific during the 1st quarter valued at $34,000. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Core Scientific during the 1st quarter valued at $38,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Core Scientific during the 1st quarter valued at $50,000. Bernard Wealth Management Corp. acquired a new stake in shares of Core Scientific during the 2nd quarter valued at $51,000. Finally, CWM LLC lifted its position in shares of Core Scientific by 403.9% during the 1st 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 last quarter.

Core Scientific Trading Up 2.2%

NASDAQ CORZ opened at $19.23 on Wednesday. Core Scientific, Inc. has a 1-year low of $6.20 and a 1-year high of $20.36. The company has a market capitalization of $5.91 billion, a PE ratio of -34.34 and a beta of 6.58. The firm's fifty day simple moving average is $16.16 and its 200-day simple moving average is $13.07.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The firm's revenue was down 44.3% compared to the same quarter last year. As a group, analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Analyst Ratings Changes

CORZ has been the subject of a number of recent research reports. Needham & Company LLC downgraded Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price objective for the company. in a research report on Thursday, July 10th. Compass Point assumed coverage on Core Scientific in a research report on Monday, September 15th. They set a "buy" rating for the company. Jefferies Financial Group increased their target price on Core Scientific from $16.00 to $22.00 and gave the company a "buy" rating in a report on Monday, August 18th. JMP Securities restated a "market perform" rating on shares of Core Scientific in a report on Tuesday, August 12th. Finally, Barclays lowered Core Scientific to an "underweight" rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Core Scientific currently has a consensus rating of "Hold" and a consensus target price of $19.47.

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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