Pennant Investors LP Buys 705,000 Shares of Core Scientific, Inc. $CORZ

Key Points

• Pennant Investors LP increased its stake in Core Scientific, Inc. by 111.9%, owning approximately 1,335,000 shares valued at about $9.67 million.
• Core Scientific's stock has experienced fluctuations, with a 1-year low of $6.20 and a 1-year high of $18.63, closing at $14.35 recently.
• The company reported earnings of ($0.04) per share, outperforming estimates, but its revenue was down 44.3% year-over-year at $78.63 million.

Pennant Investors LP raised its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 111.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,335,000 shares of the company's stock after buying an additional 705,000 shares during the period. Core Scientific accounts for about 2.5% of Pennant Investors LP's investment portfolio, making the stock its 12th biggest position. Pennant Investors LP owned 0.45% of Core Scientific worth $9,665,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. boosted its position in Core Scientific by 229.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock valued at $272,000 after buying an additional 26,135 shares in the last quarter. Summit Trail Advisors LLC acquired a new position in Core Scientific in the first quarter valued at about $357,000. Deutsche Bank AG lifted its position in shares of Core Scientific by 53.8% during the fourth quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock worth $2,319,000 after purchasing an additional 57,742 shares in the last quarter. Millennium Management LLC acquired a new position in shares of Core Scientific during the fourth quarter worth approximately $1,335,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of Core Scientific during the first quarter worth approximately $234,000.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value of $96,134.01. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.40% of the company's stock.

Core Scientific Stock Performance

NASDAQ:CORZ traded down $0.34 during trading hours on Wednesday, hitting $13.67. The stock had a trading volume of 3,106,250 shares, compared to its average volume of 16,350,319. Core Scientific, Inc. has a one year low of $6.20 and a one year high of $18.63. The company has a market cap of $4.17 billion, a price-to-earnings ratio of -24.51 and a beta of 6.59. The business's 50 day moving average is $14.29 and its 200-day moving average is $11.15.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Friday, August 8th. The company reported ($0.04) EPS 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 the consensus estimate of $82.09 million. The firm's revenue was down 44.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CORZ. Citigroup lowered shares of Core Scientific from an "outperform" rating to a "market perform" rating in a research report on Monday, July 14th. Arete Research upgraded shares of Core Scientific to a "strong-buy" rating in a research report on Tuesday, July 22nd. HC Wainwright reiterated a "neutral" rating on shares of Core Scientific in a research report on Monday, August 11th. Oppenheimer reiterated a "market perform" rating on shares of Core Scientific in a research report on Monday, July 7th. Finally, Needham & Company LLC lowered shares of Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price on the stock. in a research report on Thursday, July 10th. 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. According to MarketBeat, Core Scientific currently has an average rating of "Hold" and a consensus target price of $18.32.

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.