Regal Partners Ltd Lowers Stake in Core Scientific, Inc. (NASDAQ:CORZ)

Key Points

• Regal Partners Ltd decreased its investment in Core Scientific, Inc. by 87.1% in the first quarter, now owning 92,751 shares valued at $672,000.
• Core Scientific received several downgrades from analysts, with Barclays and Citizens Jmp changing their ratings to underweight and hold, respectively, reflecting a more cautious outlook on the stock.
• Shares of Core Scientific have fluctuated between a 52-week low of $6.20 and a high of $18.63, currently trading at $15.11 after reporting a revenue decline of 44.3% year-over-year.

Regal Partners Ltd lessened its position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 87.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 92,751 shares of the company's stock after selling 627,211 shares during the quarter. Regal Partners Ltd's holdings in Core Scientific were worth $672,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CORZ. Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Core Scientific in the first quarter valued at approximately $38,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Core Scientific in the first quarter valued at approximately $50,000. CWM LLC boosted its stake in shares of Core Scientific by 403.9% in the first quarter. CWM LLC now owns 8,092 shares of the company's stock valued at $59,000 after buying an additional 6,486 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Core Scientific by 1,722.3% in the first quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock valued at $62,000 after buying an additional 8,095 shares in the last quarter. Finally, US Bancorp DE boosted its stake in shares of Core Scientific by 23.7% in the first quarter. US Bancorp DE now owns 8,682 shares of the company's stock valued at $63,000 after buying an additional 1,663 shares in the last quarter.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, Director Yadin Rozov bought 110,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was purchased at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the purchase, the director owned 475,687 shares of the company's stock, valued at $5,170,717.69. This trade represents a 30.08% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Todd M. Duchene sold 60,000 shares of the company's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $11.33, for a total value of $679,800.00. Following the completion of the transaction, the insider owned 2,100,102 shares of the company's stock, valued at $23,794,155.66. The trade was a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 117,759 shares of company stock valued at $1,391,434 over the last quarter. Insiders own 1.40% of the company's stock.

Core Scientific Trading Up 2.1%

Shares of NASDAQ CORZ traded up $0.29 during trading on Friday, reaching $14.13. The company had a trading volume of 43,578,380 shares, compared to its average volume of 16,658,215. Core Scientific, Inc. has a twelve month low of $6.20 and a twelve month high of $18.63. The stock has a market capitalization of $4.32 billion, a PE ratio of -25.23 and a beta of 6.60. The stock has a 50-day moving average price of $13.80 and a two-hundred day moving average price of $11.01.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.03. The company 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% compared to the same quarter last year. On average, sell-side analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Analysts Set New Price Targets

CORZ has been the topic of a number of analyst reports. Macquarie downgraded Core Scientific from a "strong-buy" rating to a "hold" rating and set a $15.00 price target on the stock. in a research note on Thursday, July 10th. Arete Research upgraded Core Scientific to a "strong-buy" rating in a research note on Tuesday, July 22nd. Craig Hallum downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 7th. Canaccord Genuity Group restated a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research note on Friday, June 27th. Finally, Citigroup cut Core Scientific from an "outperform" rating to a "market perform" rating in a report on Monday, July 14th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average 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.