Engineers Gate Manager LP Purchases New Position in Core Scientific, Inc. $CORZ

Key Points

• Engineers Gate Manager LP initiated a 65,299-share position in Core Scientific during the second quarter, valued at approximately $1.67 million. Several other institutional investors also increased or initiated holdings.
• Core Scientific reported a quarterly loss of $3.32 per share, substantially missing the $0.06 consensus estimate, although revenue of $164.2 million exceeded expectations. The company’s stock opened at $16.88, well below its 52-week high of $30.46.
• Analysts remain broadly bullish, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $32.18. Directors also recently purchased shares, despite insiders selling 90,000 shares worth nearly $2 million over the prior three months.

Engineers Gate Manager LP acquired a new stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund acquired 65,299 shares of the company's stock, valued at approximately $1,671,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Larson Financial Group LLC lifted its holdings in Core Scientific by 936.7% during the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company's stock worth $27,000 after purchasing an additional 1,686 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Core Scientific by 1,371.3% in the second quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company's stock worth $30,000 after buying an additional 1,097 shares in the last quarter. CoreCap Advisors LLC bought a new position in shares of Core Scientific in the second quarter valued at approximately $36,000. Rakuten Securities Inc. purchased a new position in Core Scientific during the second quarter valued at approximately $47,000. Finally, PNC Financial Services Group Inc. grew its stake in Core Scientific by 41.3% during the first quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company's stock valued at $66,000 after acquiring an additional 1,285 shares in the last quarter.

Core Scientific Stock Performance

CORZ stock opened at $16.88 on Thursday. The company has a market capitalization of $5.42 billion, a PE ratio of -3.82 and a beta of 5.48. Core Scientific, Inc. has a one year low of $13.35 and a one year high of $30.46. The company's 50 day moving average price is $19.81 and its two-hundred day moving average price is $21.00.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced 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 firm had revenue of $164.20 million for the quarter, compared to the consensus estimate of $144.83 million. On average, research analysts predict that Core Scientific, Inc. will post -1.36 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods raised shares of Core Scientific from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $25.00 to $28.00 in a report on Thursday, July 30th. Sanford C. Bernstein restated an "outperform" rating and set a $32.00 price target on shares of Core Scientific in a research report on Wednesday, June 3rd. Needham & Company LLC upped their price target 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. Lucid Cap Mkts raised shares of Core Scientific to a "strong-buy" rating in a report on Friday, June 12th. Finally, B. Riley Financial increased their price objective on Core Scientific from $33.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Core Scientific currently has an average rating of "Moderate Buy" and a consensus target price of $32.18.

Insiders Place Their Bets

In related news, Director Eric Weiss acquired 7,000 shares of the firm's stock in a transaction dated Tuesday, August 18th. The shares were purchased at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the acquisition, the director owned 259,262 shares in the company, valued at approximately $4,975,237.78. This represents a 2.77% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Elizabeth Crain bought 6,000 shares of the stock in a transaction dated Thursday, August 20th. The stock was bought at an average cost of $18.33 per share, with a total value of $109,980.00. Following the purchase, the director owned 71,348 shares in the company, valued at $1,307,808.84. The trade was a 9.18% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold 90,000 shares of company stock valued at $1,996,600 over the last three months. Insiders own 1.70% of the company's stock.

Core Scientific Profile

Core Scientific, Inc NASDAQ: CORZ is a digital infrastructure company that develops and operates data centers for high-performance computing. Its business has historically centered on large-scale bitcoin mining, including the deployment and operation of specialized computing equipment and supporting power, networking and facility infrastructure.

The company also provides hosting and colocation services for digital asset miners and other high-performance computing customers. Core Scientific has increasingly focused on expanding its data center platform for artificial intelligence and other compute-intensive workloads, including infrastructure designed to support graphics processing unit (GPU) deployments.

Founded in 2017, Core Scientific operates data center facilities in the United States and emerged from Chapter 11 bankruptcy protection in January 2024.

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