ParaFi Capital LP Trims Stock Position in Core Scientific, Inc. $CORZ

Key Points

• ParaFi Capital LP reduced its Core Scientific position by 83.2% in the second quarter, selling 424,458 shares and retaining 85,555 shares valued at approximately $2.19 million.
• Core Scientific reported a quarterly loss of $3.32 per share, substantially missing the $0.06 consensus estimate, although revenue of $164.2 million exceeded expectations.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $32.18, while insiders have sold roughly $2.36 million in stock over the past three months.

ParaFi Capital LP cut its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 83.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 85,555 shares of the company's stock after selling 424,458 shares during the quarter. Core Scientific makes up approximately 0.6% of ParaFi Capital LP's portfolio, making the stock its 11th largest holding. ParaFi Capital LP's holdings in Core Scientific were worth $2,189,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Allworth Financial LP lifted its stake in Core Scientific by 206.5% in the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company's stock valued at $25,000 after buying an additional 950 shares in the last quarter. CoreCap Advisors LLC acquired a new stake in Core Scientific during the 2nd quarter valued at $36,000. Rakuten Securities Inc. purchased a new position in Core Scientific during the second quarter worth $47,000. Larson Financial Group LLC increased its position in Core Scientific by 936.7% during the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company's stock worth $27,000 after buying an additional 1,686 shares in the last quarter. Finally, Osaic Holdings Inc. raised its holdings in shares of Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock worth $34,000 after acquiring an additional 1,066 shares during the last quarter.

Core Scientific Stock Up 4.6%

CORZ stock opened at $16.81 on Thursday. The stock has a market capitalization of $5.40 billion, a price-to-earnings ratio of -3.80 and a beta of 5.48. Core Scientific, Inc. has a 52-week low of $13.14 and a 52-week high of $30.46. The stock's fifty day simple moving average is $21.11 and its 200-day simple moving average is $21.00.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The company had revenue of $164.20 million during the quarter, compared to analysts' expectations of $144.83 million. As a group, analysts anticipate that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CORZ has been the topic of a number of analyst reports. Lucid Cap Mkts raised Core Scientific to a "strong-buy" rating in a research note on Friday, June 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of Core Scientific in a research note on Friday, July 17th. Needham & Company LLC upped their target price on shares of Core Scientific from $29.00 to $35.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Jefferies Financial Group raised their price target on shares of Core Scientific from $24.00 to $37.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Finally, BTIG Research reiterated a "buy" rating and set a $38.00 price target on shares of Core Scientific in a report on Tuesday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $32.18.

Insider Activity at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $19.97, for a total transaction of $199,700.00. Following the completion of the transaction, the insider owned 1,969,101 shares of the company's stock, valued at $39,322,946.97. This represents a 0.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 100,000 shares of company stock worth $2,360,300. Corporate insiders own 1.70% of the company's stock.

Core Scientific Profile

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

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