Ursa Fund Management LLC Makes New Investment in Core Scientific, Inc. $CORZ

Key Points

• Ursa Fund Management LLC has acquired a new stake in Core Scientific, Inc., purchasing 30,000 shares worth approximately $217,000, making it the firm's 11th largest position.
• The company's quarterly earnings report revealed a loss of ($0.04) earnings per share, better than the consensus estimate of ($0.07), but revenue dropped 44.3% compared to the previous year.
• Core Scientific's stock performance indicates a current trading price of $13.62, with a 1-year low of $6.20 and a high of $18.63, reflecting volatility in the market.

Ursa Fund Management LLC bought a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 30,000 shares of the company's stock, valued at approximately $217,000. Core Scientific makes up about 0.6% of Ursa Fund Management LLC's portfolio, making the stock its 11th largest position.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. State of Wyoming acquired a new position in shares of Core Scientific in the first quarter worth about $34,000. Emerald Mutual Fund Advisers Trust purchased a new stake in Core Scientific during the 1st quarter worth approximately $38,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Core Scientific in the 1st quarter valued at approximately $50,000. CWM LLC boosted its stake in shares of Core Scientific by 403.9% during the 1st quarter. CWM LLC now owns 8,092 shares of the company's stock valued at $59,000 after buying an additional 6,486 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Core Scientific by 1,722.3% during the 1st 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 during the last quarter.

Core Scientific Stock Performance

Core Scientific stock opened at $13.62 on Friday. Core Scientific, Inc. has a 1 year low of $6.20 and a 1 year high of $18.63. The firm's 50-day moving average is $14.20 and its 200-day moving average is $11.18. The company has a market cap of $4.16 billion, a P/E ratio of -24.32 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.03. The business had revenue of $78.63 million for 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, sell-side analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. JMP Securities restated a "market perform" rating on shares of Core Scientific in a research note on Tuesday, August 12th. Craig Hallum lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 7th. Arete Research raised shares of Core Scientific to a "strong-buy" rating in a research report on Tuesday, July 22nd. Barclays cut shares of Core Scientific to an "underweight" rating in a research report on Tuesday, July 8th. Finally, B. Riley downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 9th. One 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 company. Based on data from MarketBeat, Core Scientific has a consensus rating of "Hold" and a consensus target price of $18.32.

Insider Buying and Selling at Core Scientific

In related news, insider Todd M. Duchene sold 7,759 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total value 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 trade represents a 0.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.40% of the company's stock.

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.

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