Parsifal Capital Management LP Cuts Stock Holdings in Core Scientific, Inc. $CORZ

Key Points

• Parsifal Capital Management LP has reduced its stake in Core Scientific, Inc. by 14.4%, selling 809,035 shares, and now holds approximately 4.8 million shares, which represents 3.0% of its portfolio.
• Despite Parsifal's reduction, other institutional investors like Oppenheimer Asset Management have increased their stakes significantly by 229.9%, highlighting mixed investor sentiment toward Core Scientific.
• Equities analysts have set a mixed outlook for Core Scientific, with a consensus price target of $18.32 and ratings ranging from "Strong Buy" to "Sell".

Parsifal Capital Management LP lessened its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 14.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,806,164 shares of the company's stock after selling 809,035 shares during the period. Core Scientific comprises about 3.0% of Parsifal Capital Management LP's portfolio, making the stock its 11th largest holding. Parsifal Capital Management LP owned 1.61% of Core Scientific worth $34,797,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CORZ. Situational Awareness LP purchased a new position in shares of Core Scientific in the 1st quarter valued at about $32,736,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Core Scientific by 1,204.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,662,406 shares of the company's stock worth $23,357,000 after buying an additional 1,535,012 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Core Scientific by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company's stock worth $148,985,000 after buying an additional 1,199,448 shares during the last quarter. CenterBook Partners LP boosted its holdings in Core Scientific by 1,099.2% in the 1st quarter. CenterBook Partners LP now owns 1,188,088 shares of the company's stock worth $8,602,000 after buying an additional 1,089,017 shares during the last quarter. Finally, Moore Capital Management LP boosted its holdings in shares of Core Scientific by 185.3% during the 4th quarter. Moore Capital Management LP now owns 1,640,718 shares of the company's stock worth $23,052,000 after purchasing an additional 1,065,718 shares during the last quarter.

Insider Transactions at Core Scientific

In other news, insider Todd M. Duchene sold 7,759 shares of the company's 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 of the company's stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by insiders.

Core Scientific Stock Up 4.7%

NASDAQ CORZ traded up $0.66 on Tuesday, reaching $14.59. The stock had a trading volume of 5,574,340 shares, compared to its average volume of 16,159,694. The firm has a market capitalization of $4.46 billion, a price-to-earnings ratio of -26.04 and a beta of 6.59. Core Scientific, Inc. has a 12-month low of $6.20 and a 12-month high of $18.63. The stock has a fifty day moving average price of $14.14 and a two-hundred day moving average price of $11.20.

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

Wall Street Analyst Weigh In

CORZ has been the topic of several recent research reports. Canaccord Genuity Group restated a "buy" rating and set a $17.00 target price on shares of Core Scientific in a report on Friday, June 27th. Needham & Company LLC cut Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price on the stock. in a report on Thursday, July 10th. Barclays cut Core Scientific to an "underweight" rating in a report on Tuesday, July 8th. Oppenheimer restated a "market perform" rating on shares of Core Scientific in a report on Monday, July 7th. Finally, JMP Securities restated a "market perform" rating on shares of Core Scientific in a report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $18.32.

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.