FORA Capital LLC Buys New Stake in Core Scientific, Inc. $CORZ

Key Points

• FORA Capital LLC has acquired a new stake in Core Scientific, Inc. (NASDAQ: CORZ), purchasing 86,313 shares valued at approximately $625,000.
• Core Scientific reported a 44.3% year-over-year decline in revenue for the latest quarter, with earnings of ($0.04) per share, surpassing analysts' expectations of ($0.07).
• The stock has experienced significant attention from institutional investors, with Oppenheimer Asset Management increasing its stake by 229.9% during the same period.

FORA Capital LLC purchased a new stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 86,313 shares of the company's stock, valued at approximately $625,000.

Other large investors have also modified their holdings of the company. Bank of Hawaii boosted its stake in Core Scientific by 10.8% in the 1st quarter. Bank of Hawaii now owns 85,354 shares of the company's stock worth $618,000 after purchasing an additional 8,304 shares in the last quarter. Soros Capital Management LLC lifted its stake in Core Scientific by 61.0% during the 1st quarter. Soros Capital Management LLC now owns 1,865,399 shares of the company's stock valued at $13,505,000 after acquiring an additional 706,950 shares during the period. Anson Funds Management LP purchased a new position in shares of Core Scientific during the first quarter worth $689,000. Stoneridge Investment Partners LLC acquired a new position in shares of Core Scientific in the 1st quarter valued at about $115,000. Finally, Banco Bilbao Vizcaya Argentaria S.A. purchased a new stake in Core Scientific in the 1st quarter worth approximately $721,000.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 7,759 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value of $96,134.01. Following the completion of the transaction, the insider owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. This trade represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

CORZ has been the subject of a number of analyst reports. B. Riley downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. Craig Hallum cut Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 7th. Roth Mkm reiterated a "buy" rating and set a $20.00 price target on shares of Core Scientific in a research report on Thursday, June 26th. Roth Capital cut their price objective on Core Scientific from $20.00 to $17.00 and set a "neutral" rating for the company in a research report on Friday, August 22nd. Finally, Needham & Company LLC cut shares of Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price target on the stock. in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $18.32.

Core Scientific Stock Performance

CORZ opened at $14.00 on Wednesday. The stock has a market capitalization of $4.28 billion, a PE ratio of -25.00 and a beta of 6.59. Core Scientific, Inc. has a one year low of $6.20 and a one year high of $18.63. The business's 50 day moving average price is $14.29 and its 200 day moving average price is $11.15.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $82.09 million. The firm's quarterly revenue was down 44.3% on a year-over-year basis. As a group, equities research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

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.