Panoramic Capital LLC Invests $1.64 Million in Core Scientific, Inc. (NASDAQ:CORZ)

Panoramic Capital LLC purchased a new stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 117,021 shares of the company's stock, valued at approximately $1,644,000. Core Scientific comprises about 0.9% of Panoramic Capital LLC's portfolio, making the stock its 27th largest holding.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wellington Shields & Co. LLC bought a new stake in Core Scientific in the 4th quarter valued at $26,000. First Horizon Advisors Inc. bought a new stake in Core Scientific in the 4th quarter valued at $34,000. Newbridge Financial Services Group Inc. bought a new stake in Core Scientific in the 4th quarter valued at $42,000. Vestcor Inc bought a new stake in Core Scientific in the 4th quarter valued at $66,000. Finally, US Bancorp DE bought a new stake in Core Scientific in the 4th quarter valued at $99,000.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. HC Wainwright restated a "buy" rating and set a $17.00 target price on shares of Core Scientific in a research report on Tuesday, March 11th. Cantor Fitzgerald decreased their target price on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday, February 27th. Canaccord Genuity Group restated a "buy" rating and set a $17.00 target price on shares of Core Scientific in a research report on Friday, May 9th. Compass Point decreased their target price on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, February 25th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $16.00 price objective on shares of Core Scientific in a research report on Friday. Sixteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Core Scientific has an average rating of "Buy" and a consensus price target of $18.75.

Insider Activity at Core Scientific

In other Core Scientific news, Director Jordan Levy acquired 62,500 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $8.01 per share, with a total value of $500,625.00. Following the completion of the acquisition, the director now directly owns 306,887 shares in the company, valued at $2,458,164.87. This represents a 25.57% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd A. Becker sold 134,250 shares of Core Scientific stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the transaction, the director now directly owns 195,687 shares in the company, valued at approximately $2,103,635.25. The trade was a 40.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

Core Scientific Price Performance

Shares of NASDAQ:CORZ traded up $0.27 during trading on Friday, reaching $10.78. 14,054,007 shares of the company were exchanged, compared to its average volume of 13,163,589. The firm has a market capitalization of $3.21 billion, a PE ratio of -1.99 and a beta of 6.66. The business's fifty day simple moving average is $8.12 and its 200-day simple moving average is $11.95. Core Scientific, Inc. has a 12-month low of $3.67 and a 12-month high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The business had revenue of $79.53 million for the quarter, compared to analysts' expectations of $92.04 million. The business's quarterly revenue was down 55.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.78 earnings per share. On average, sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

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.