Groupama Asset Managment Makes New Investment in Core Scientific, Inc. $CORZ

Key Points

• Groupama Asset Managment acquired a new stake in Core Scientific, purchasing 400,000 shares valued at approximately $2.9 million during Q1 2023.
• Core Scientific reported a quarterly loss of ($0.04) per share, beating expectations, but its revenue of $78.63 million marked a 44.3% year-over-year decline.
• There were significant changes in investor positions, with several hedge funds increasing their stakes, while insiders also exchanged shares, indicating active trading around the company's stock.

Groupama Asset Managment purchased a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 400,000 shares of the company's stock, valued at approximately $2,896,000. Groupama Asset Managment owned approximately 0.13% of Core Scientific at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Core Scientific by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company's stock worth $148,985,000 after buying an additional 1,199,448 shares in the last quarter. Beryl Capital Management LLC raised its position in Core Scientific by 24.3% during the fourth quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company's stock worth $255,423,000 after acquiring an additional 3,548,396 shares in the last quarter. Driehaus Capital Management LLC raised its position in Core Scientific by 112.1% during the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock worth $144,212,000 after acquiring an additional 5,424,901 shares in the last quarter. Two Seas Capital LP raised its position in Core Scientific by 9.2% during the fourth quarter. Two Seas Capital LP now owns 6,232,888 shares of the company's stock worth $87,572,000 after acquiring an additional 527,097 shares in the last quarter. Finally, Parsifal Capital Management LP raised its position in Core Scientific by 3.7% during the fourth quarter. Parsifal Capital Management LP now owns 5,615,199 shares of the company's stock worth $78,894,000 after acquiring an additional 202,374 shares in the last quarter.

Core Scientific Stock Performance

NASDAQ:CORZ traded up $0.2150 during mid-day trading on Monday, reaching $13.7650. 3,642,851 shares of the company's stock were exchanged, compared to its average volume of 16,607,732. Core Scientific, Inc. has a one year low of $6.20 and a one year high of $18.63. The firm has a market capitalization of $4.20 billion, a PE ratio of -24.54 and a beta of 6.60. The business's fifty day simple moving average is $13.97 and its two-hundred day simple moving average is $11.06.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.03. The business had revenue of $78.63 million for the quarter, compared to the consensus estimate of $82.09 million. The firm's revenue for the quarter was down 44.3% compared to the same quarter last year. As a group, equities research analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Activity at Core Scientific

In other news, Director Yadin Rozov purchased 110,000 shares of Core Scientific stock in a transaction that occurred on Wednesday, May 28th. The shares were acquired at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the transaction, the director owned 475,687 shares of the company's stock, valued at approximately $5,170,717.69. The trade was a 30.08% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total transaction of $96,134.01. Following the sale, the insider directly owned 2,049,689 shares in the company, valued at $25,395,646.71. This trade represents a 0.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 117,759 shares of company stock worth $1,391,434 in the last quarter. 1.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CORZ shares. BTIG Research lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price target on the stock. in a research report on Monday, July 7th. Oppenheimer reaffirmed a "market perform" rating on shares of Core Scientific in a research report on Monday, July 7th. JMP Securities reaffirmed a "market perform" rating on shares of Core Scientific in a research report on Tuesday, August 12th. Roth Mkm reaffirmed a "buy" rating and set a $20.00 price target on shares of Core Scientific in a research report on Thursday, June 26th. Finally, Citigroup lowered shares of Core Scientific from an "outperform" rating to a "market perform" rating in a research report on Monday, July 14th. One 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 issued a Sell rating to the company. Based on data from MarketBeat, Core Scientific currently has a consensus rating of "Hold" and a consensus target price of $18.32.

About Core Scientific

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.