Ionic Capital Management LLC Makes New Investment in Core Scientific, Inc. $CORZ

Key Points

• Ionic Capital Management LLC has acquired a new stake in Core Scientific, purchasing 70,000 shares valued at approximately $507,000 in the first quarter of 2023.
• Several other institutional investors also increased their positions in Core Scientific during the same period, with some reporting significant increases of over 1,700%.
• Core Scientific reported a loss of ($0.04) earnings per share for the last quarter, surpassing estimates, but its revenue was down 44.3% year-over-year, highlighting ongoing financial challenges.

Ionic Capital Management LLC purchased a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 70,000 shares of the company's stock, valued at approximately $507,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State of Wyoming acquired a new stake in Core Scientific during the first quarter worth about $34,000. Emerald Mutual Fund Advisers Trust acquired a new stake in Core Scientific during the first quarter worth about $38,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Core Scientific during the first quarter worth about $50,000. CWM LLC increased its stake in Core Scientific by 403.9% during the first quarter. CWM LLC now owns 8,092 shares of the company's stock worth $59,000 after acquiring an additional 6,486 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Core Scientific by 1,722.3% during the first quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock worth $62,000 after acquiring an additional 8,095 shares during the last quarter.

Core Scientific Trading Up 2.3%

NASDAQ CORZ traded up $0.31 during mid-day trading on Monday, reaching $13.93. 6,611,636 shares of the company's stock traded hands, compared to its average volume of 15,485,163. Core Scientific, Inc. has a 1-year low of $6.20 and a 1-year high of $18.63. The company has a fifty day simple moving average of $14.14 and a 200-day simple moving average of $11.20. The company has a market cap of $4.25 billion, a price-to-earnings ratio of -24.88 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings data on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. The business had revenue of $78.63 million for the quarter, compared to analyst estimates of $82.09 million. The business's revenue was down 44.3% on a year-over-year basis. Equities research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total transaction of $96,134.01. Following the transaction, the insider owned 2,049,689 shares of the company's stock, valued at $25,395,646.71. This trade represents a 0.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CORZ has been the subject of several research analyst reports. B. Riley lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 9th. BTIG Research lowered Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price for the company. in a research note on Monday, July 7th. Craig Hallum lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 7th. Arete initiated coverage on Core Scientific in a research note on Tuesday, July 22nd. They issued a "buy" rating and a $20.00 target price for the company. Finally, Citizens Jmp lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $18.32.

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.