Pacific Point Advisors LLC Takes Position in Core Scientific, Inc. $CORZ

Key Points

• Pacific Point Advisors LLC acquired a new position in Core Scientific, purchasing 60,000 shares valued at approximately $1,024,000 during the second quarter.
• Core Scientific's stock price opened at $17.94, with a market capitalization of $5.48 billion and a recent earnings report showing a minor profit beat but a significant year-over-year revenue decline of 44.3%.
• Analysts have mixed views on Core Scientific, with one issuing a "Strong Buy" rating, while others have varying ratings including "buy," "hold," and "sell," leading to an average target price of $18.71 for the stock.

Pacific Point Advisors LLC purchased a new stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 60,000 shares of the company's stock, valued at approximately $1,024,000.

Several other large investors have also recently bought and sold shares of CORZ. Oppenheimer Asset Management Inc. boosted its position in shares of Core Scientific by 229.9% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock worth $272,000 after purchasing an additional 26,135 shares in the last quarter. Heritage Oak Wealth Advisors LLC boosted its holdings in Core Scientific by 2.4% during the second quarter. Heritage Oak Wealth Advisors LLC now owns 753,846 shares of the company's stock worth $12,868,000 after buying an additional 17,709 shares in the last quarter. Summit Trail Advisors LLC purchased a new stake in Core Scientific during the first quarter worth about $357,000. Anson Funds Management LP acquired a new position in Core Scientific during the first quarter worth about $689,000. Finally, Red Spruce Capital LLC increased its holdings in Core Scientific by 161.3% in the second quarter. Red Spruce Capital LLC now owns 33,221 shares of the company's stock valued at $567,000 after buying an additional 20,508 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CORZ. Compass Point assumed coverage on Core Scientific in a report on Monday, September 15th. They issued a "buy" rating on the stock. HC Wainwright restated a "neutral" rating on shares of Core Scientific in a research report on Monday, August 11th. Roth Mkm reaffirmed a "buy" rating and set a $20.00 price target on shares of Core Scientific in a research note on Thursday, June 26th. Oppenheimer reissued a "market perform" rating on shares of Core Scientific in a research note on Monday, July 7th. Finally, BTIG Research downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price for the company. in a report on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $18.71.

Core Scientific Stock Up 3.5%

Shares of NASDAQ:CORZ opened at $17.94 on Wednesday. The company has a market capitalization of $5.48 billion, a P/E ratio of -32.04 and a beta of 6.59. Core Scientific, Inc. has a 52-week low of $6.20 and a 52-week high of $18.63. The stock's fifty day simple moving average is $14.75 and its 200-day simple moving average is $11.98.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.03. The firm had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. Core Scientific's revenue for the quarter was down 44.3% on a year-over-year basis. On average, sell-side analysts anticipate 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.

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