Metavasi Capital LP Decreases Stock Position in Core Scientific, Inc. $CORZ

Key Points

• Metavasi Capital LP has decreased its position in Core Scientific, Inc. ($CORZ) by 43.2%, now holding 125,000 shares after selling 95,000 shares this quarter.
• Other hedge funds, including Vanguard Group and Driehaus Capital Management, have increased their stakes in Core Scientific, reflecting varied institutional interest in the company.
• Core Scientific reported a 44.3% decline in revenue year-over-year, with a quarterly EPS of (0.04), surpassing estimates but still indicating financial challenges.

Metavasi Capital LP lowered its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 43.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 125,000 shares of the company's stock after selling 95,000 shares during the period. Core Scientific makes up about 0.6% of Metavasi Capital LP's holdings, making the stock its 22nd biggest position. Metavasi Capital LP's holdings in Core Scientific were worth $905,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Wellington Management Group LLP grew its stake in Core Scientific by 11.7% during the first quarter. Wellington Management Group LLP now owns 11,967 shares of the company's stock worth $87,000 after purchasing an additional 1,256 shares during the period. SBI Securities Co. Ltd. grew its stake in Core Scientific by 17.8% during the first quarter. SBI Securities Co. Ltd. now owns 10,391 shares of the company's stock worth $75,000 after purchasing an additional 1,567 shares during the period. US Bancorp DE grew its stake in Core Scientific by 23.7% during the first quarter. US Bancorp DE now owns 8,682 shares of the company's stock worth $63,000 after purchasing an additional 1,663 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Core Scientific by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,393 shares of the company's stock worth $126,000 after purchasing an additional 1,746 shares during the period. Finally, Deutsche Bank AG grew its stake in Core Scientific by 1.3% during the first quarter. Deutsche Bank AG now owns 167,100 shares of the company's stock worth $1,210,000 after purchasing an additional 2,068 shares during the period.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Craig Hallum cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 7th. BTIG Research cut Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price objective for the company. in a research note on Monday, July 7th. HC Wainwright reissued a "neutral" rating on shares of Core Scientific in a research note on Monday, August 11th. B. Riley cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 9th. Finally, Barclays cut Core Scientific to an "underweight" rating in a research note on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $18.32.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction 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 sale, the insider directly owned 2,049,689 shares in the company, valued at approximately $25,395,646.71. This trade represents a 0.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.40% of the company's stock.

Core Scientific Stock Performance

Shares of CORZ stock remained flat at $13.62 during trading hours on Friday. The stock had a trading volume of 9,308,720 shares, compared to its average volume of 15,854,694. Core Scientific, Inc. has a 52 week low of $6.20 and a 52 week high of $18.63. The firm has a 50 day moving average of $14.20 and a two-hundred day moving average of $11.18. The company has a market capitalization of $4.16 billion, a P/E ratio of -24.32 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its earnings results 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 company had revenue of $78.63 million during the quarter, compared to the consensus estimate of $82.09 million. The business's revenue was down 44.3% compared to the same quarter last year. As a group, equities research analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

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.