SRN Advisors LLC Buys 96,666 Shares of Core Scientific, Inc. $CORZ

Key Points

• SRN Advisors LLC increased its stake in Core Scientific, Inc. by 96.7% in the first quarter, now holding a total of 196,666 shares worth approximately $1,424,000.
• Core Scientific's latest earnings report showed a loss of ($0.04) EPS, which beat analyst estimates but indicated a 44.3% year-over-year revenue decline to $78.63 million.
• Several hedge funds, including Driehaus Capital Management LLC and Fred Alger Management LLC, have significantly increased their holdings in Core Scientific during recent quarters, reflecting growing interest in the company.

SRN Advisors LLC increased its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 96.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 196,666 shares of the company's stock after acquiring an additional 96,666 shares during the period. Core Scientific comprises about 1.6% of SRN Advisors LLC's portfolio, making the stock its 16th largest position. SRN Advisors LLC owned about 0.07% of Core Scientific worth $1,424,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State of Wyoming acquired a new stake in shares of Core Scientific during the first quarter worth $34,000. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Core Scientific during the first quarter worth $38,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Core Scientific during the first quarter worth $50,000. CWM LLC raised its holdings in shares of Core Scientific by 403.9% during the first quarter. CWM LLC now owns 8,092 shares of the company's stock worth $59,000 after acquiring an additional 6,486 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Core Scientific by 1,722.3% during the first quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock worth $62,000 after acquiring an additional 8,095 shares during the period.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Jefferies Financial Group raised their price objective on shares of Core Scientific from $16.00 to $22.00 and gave the stock a "buy" rating in a report on Monday, August 18th. HC Wainwright reaffirmed a "neutral" rating on shares of Core Scientific in a research report on Monday, August 11th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research report on Friday, June 27th. B. Riley downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. Finally, Oppenheimer reaffirmed a "market perform" rating on shares of Core Scientific in a research report on Monday, July 7th. One equities 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $18.32.

Core Scientific Trading Down 0.3%

Shares of CORZ traded down $0.04 during midday trading on Thursday, reaching $13.55. The stock had a trading volume of 3,155,469 shares, compared to its average volume of 16,308,923. The firm has a market cap of $4.14 billion, a PE ratio of -24.14 and a beta of 6.59. The firm has a 50 day simple moving average of $14.32 and a 200-day simple moving average of $11.17. Core Scientific, Inc. has a one year low of $6.20 and a one year high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Friday, August 8th. The company reported ($0.04) 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 the consensus estimate of $82.09 million. The firm's revenue for the quarter was down 44.3% on a year-over-year basis. As a group, research analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total transaction 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. The trade was a 0.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.40% of the company's stock.

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.