DSC Meridian Capital LP Invests $48.76 Million in Core Scientific, Inc. $CORZ

Key Points

• DSC Meridian Capital initiated a $48.76 million position in Core Scientific, buying 1.91 million shares, or approximately 0.59% of the company. The investment represents about 11.4% of the fund’s holdings.
• Core Scientific reported quarterly revenue of $164.2 million, exceeding estimates of $144.83 million, but its loss of $3.32 per share was substantially worse than the expected $0.06 loss.
• Analysts remain broadly optimistic, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $32.18, well above its reported opening price of $17.27.

DSC Meridian Capital LP bought a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,905,252 shares of the company's stock, valued at approximately $48,755,000. Core Scientific makes up approximately 11.4% of DSC Meridian Capital LP's holdings, making the stock its 3rd biggest holding. DSC Meridian Capital LP owned 0.59% of Core Scientific at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC increased its stake in Core Scientific by 106.1% during the first quarter. AQR Capital Management LLC now owns 283,432 shares of the company's stock worth $2,052,000 after acquiring an additional 145,905 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Core Scientific by 180.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company's stock valued at $8,032,000 after purchasing an additional 714,388 shares during the period. Cetera Investment Advisers lifted its stake in shares of Core Scientific by 200.0% in the 2nd quarter. Cetera Investment Advisers now owns 38,819 shares of the company's stock valued at $663,000 after purchasing an additional 25,878 shares during the last quarter. Franklin Resources Inc. bought a new stake in shares of Core Scientific in the 2nd quarter valued at approximately $181,000. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Core Scientific by 61.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company's stock worth $67,000 after purchasing an additional 1,507 shares during the period.

Core Scientific Stock Performance

Shares of NASDAQ CORZ opened at $17.27 on Tuesday. Core Scientific, Inc. has a fifty-two week low of $13.14 and a fifty-two week high of $30.46. The company has a market cap of $5.55 billion, a price-to-earnings ratio of -3.91 and a beta of 5.59. The business's 50 day moving average price is $22.75 and its 200-day moving average price is $21.01.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The company had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. Sell-side analysts predict that Core Scientific, Inc. will post -1.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CORZ. Sanford C. Bernstein reissued an "outperform" rating and set a $32.00 target price on shares of Core Scientific in a research report on Wednesday, June 3rd. BTIG Research reaffirmed a "buy" rating and set a $38.00 price objective on shares of Core Scientific in a research note on Tuesday, July 28th. Jefferies Financial Group boosted their price objective on shares of Core Scientific from $24.00 to $37.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. Lucid Cap Mkts raised shares of Core Scientific to a "strong-buy" rating in a research note on Friday, June 12th. Finally, Needham & Company LLC raised their target price on shares of Core Scientific from $29.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $32.18.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $19.97, for a total value of $199,700.00. Following the transaction, the insider directly owned 1,969,101 shares in the company, valued at approximately $39,322,946.97. This represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Elizabeth Crain purchased 6,000 shares of Core Scientific stock in a transaction that occurred on Thursday, August 20th. The stock was bought at an average cost of $18.33 per share, for a total transaction of $109,980.00. Following the purchase, the director directly owned 71,348 shares in the company, valued at $1,307,808.84. This trade represents a 9.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders sold 90,000 shares of company stock worth $2,185,800. 1.70% of the stock is currently owned by insiders.

About Core Scientific

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

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