Soros Capital Management LLC Increases Stock Position in Core Scientific, Inc. $CORZ

Key Points

• Soros Capital Management LLC increased its position in Core Scientific, Inc. by 61% in Q1, now owning 1,865,399 shares worth approximately $13.51 million.
• Core Scientific reported earnings per share of ($0.04) for the latest quarter, surpassing analyst estimates but experiencing a 44.3% decline in quarterly revenue year-over-year.
• Various institutional investors have changed their stakes, including Vanguard Group and Driehaus Capital Management, indicating increasing interest in Core Scientific amidst recent market fluctuations.

Soros Capital Management LLC grew its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 61.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,865,399 shares of the company's stock after buying an additional 706,950 shares during the quarter. Core Scientific makes up 3.5% of Soros Capital Management LLC's portfolio, making the stock its 13th biggest holding. Soros Capital Management LLC owned 0.63% of Core Scientific worth $13,505,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CORZ. Vanguard Group Inc. boosted its stake in Core Scientific by 6.2% during the first quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company's stock valued at $148,985,000 after buying an additional 1,199,448 shares during the last quarter. Beryl Capital Management LLC increased its holdings in Core Scientific by 24.3% during the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company's stock worth $255,423,000 after purchasing an additional 3,548,396 shares during the period. Driehaus Capital Management LLC increased its holdings in shares of Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock valued at $144,212,000 after acquiring an additional 5,424,901 shares during the period. Parsifal Capital Management LP increased its holdings in shares of Core Scientific by 3.7% in the 4th quarter. Parsifal Capital Management LP now owns 5,615,199 shares of the company's stock valued at $78,894,000 after acquiring an additional 202,374 shares during the period. Finally, Fred Alger Management LLC purchased a new position in shares of Core Scientific in the 4th quarter valued at $62,011,000.

Core Scientific Price Performance

Shares of NASDAQ CORZ remained flat at $14.35 during mid-day trading on Friday. 6,447,536 shares of the stock were exchanged, compared to its average volume of 17,590,316. The business has a fifty day simple moving average of $14.19 and a 200-day simple moving average of $11.13. The firm has a market cap of $4.38 billion, a PE ratio of -25.63 and a beta of 6.60. Core Scientific, Inc. has a 1-year low of $6.20 and a 1-year high of $18.63.

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 analysts' consensus estimates of ($0.07) by $0.03. The business had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The company's revenue for the quarter was down 44.3% compared to the same quarter last year. As a group, equities analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Activity

In related news, insider Todd M. Duchene sold 7,759 shares of the company's stock in a transaction dated 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 SEC, which can be accessed through this link. Insiders have sold a total of 117,759 shares of company stock valued at $1,391,434 over the last ninety days. Corporate insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. JMP Securities reiterated a "market perform" rating on shares of Core Scientific in a report on Tuesday, August 12th. B. Riley cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. Jefferies Financial Group lifted their price target on Core Scientific from $16.00 to $22.00 and gave the stock a "buy" rating in a research report on Monday, August 18th. Needham & Company LLC cut Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price objective for the company. in a report on Thursday, July 10th. Finally, Arete started coverage on Core Scientific in a report on Tuesday, July 22nd. They issued a "buy" rating and a $20.00 price objective for the company. 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 given a Sell rating to the stock. According to MarketBeat, Core Scientific currently has an average rating of "Hold" and an average price target of $18.32.

Core Scientific Company 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.