Parkwood LLC Buys New Shares in Core Scientific, Inc. $CORZ

Key Points

• Parkwood LLC has acquired a new stake in Core Scientific by purchasing 350,000 shares, valued at approximately $2.5 million, representing a 0.12% ownership in the company.
• Core Scientific's recent earnings report showed a quarterly revenue of $78.63 million, which is down 44.3% compared to last year, and an EPS of ($0.04), surpassing estimates.
• Analyst ratings for Core Scientific vary, with one "Strong Buy", nine "Buy", and eleven "Hold" ratings, indicating mixed sentiment on the stock.

Parkwood LLC acquired a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 350,000 shares of the company's stock, valued at approximately $2,534,000. Parkwood LLC owned approximately 0.12% of Core Scientific as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of Core Scientific by 11.7% in 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 last quarter. SBI Securities Co. Ltd. boosted its stake in shares of Core Scientific by 17.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 10,391 shares of the company's stock worth $75,000 after buying an additional 1,567 shares during the last quarter. US Bancorp DE boosted its stake in shares of Core Scientific by 23.7% in the 1st quarter. US Bancorp DE now owns 8,682 shares of the company's stock worth $63,000 after buying an additional 1,663 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Core Scientific by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,393 shares of the company's stock worth $126,000 after buying an additional 1,746 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Core Scientific by 1.3% in the 1st quarter. Deutsche Bank AG now owns 167,100 shares of the company's stock worth $1,210,000 after buying an additional 2,068 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CORZ. Citizens Jmp downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 14th. Arete assumed coverage on Core Scientific in a research note on Tuesday, July 22nd. They issued a "buy" rating and a $20.00 price objective on the stock. HC Wainwright reiterated a "neutral" rating on shares of Core Scientific in a research note on Monday, August 11th. Arete Research upgraded Core Scientific to a "strong-buy" rating in a research note on Tuesday, July 22nd. Finally, Roth Mkm reiterated a "buy" rating and issued a $20.00 price objective on shares of Core Scientific in a research note on Thursday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $18.32.

Core Scientific Price Performance

Shares of NASDAQ:CORZ traded up $0.66 during trading on Tuesday, hitting $14.59. 5,574,340 shares of the company were exchanged, compared to its average volume of 16,159,694. The company has a market cap of $4.46 billion, a PE ratio of -26.04 and a beta of 6.59. The stock has a 50 day moving average of $14.14 and a 200 day moving average of $11.20. Core Scientific, Inc. has a 52-week low of $6.20 and a 52-week high of $18.63.

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

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of the 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 owned 2,049,689 shares in the company, valued at $25,395,646.71. This represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.40% of the stock is currently owned by corporate insiders.

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.