Core Scientific, Inc. $CORZ is Clearline Capital LP’s 2nd Largest Position

Clearline Capital LP lifted its position in Core Scientific, Inc. (NASDAQ:CORZ) by 274.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,689,443 shares of the company’s stock after acquiring an additional 3,436,127 shares during the quarter. Core Scientific accounts for 3.4% of Clearline Capital LP’s portfolio, making the stock its 2nd largest position. Clearline Capital LP’s holdings in Core Scientific were worth $68,278,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in CORZ. Banco Bilbao Vizcaya Argentaria S.A. grew its stake in shares of Core Scientific by 74.3% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 95,314 shares of the company’s stock valued at $1,401,000 after buying an additional 40,630 shares during the last quarter. Armistice Capital LLC purchased a new position in Core Scientific during the 4th quarter valued at $285,000. ADAR1 Capital Management LLC bought a new position in shares of Core Scientific in the fourth quarter worth about $437,000. Value Aligned Research Advisors LLC bought a new stake in Core Scientific during the 4th quarter valued at about $117,786,000. Finally, JAT Capital Mgmt LP purchased a new stake in Core Scientific in the 4th quarter valued at about $7,499,000.

Core Scientific Price Performance

Shares of CORZ stock opened at $28.38 on Thursday. The stock’s 50-day moving average is $23.49 and its 200 day moving average is $19.10. Core Scientific, Inc. has a 1-year low of $10.93 and a 1-year high of $30.46. The company has a market cap of $9.02 billion, a P/E ratio of -24.89 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The business had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. During the same period in the previous year, the company earned $1.25 EPS. The business’s quarterly revenue was up 44.9% compared to the same quarter last year. On average, analysts anticipate that Core Scientific, Inc. will post 0.08 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CORZ. HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of Core Scientific in a research report on Tuesday, March 3rd. Lucid Cap Mkts upgraded Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. B. Riley Financial upped their target price on Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Freedom Capital upgraded Core Scientific to a “hold” rating in a research note on Monday. Finally, Needham & Company LLC upped their price objective on shares of Core Scientific from $23.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Core Scientific currently has an average rating of “Moderate Buy” and a consensus target price of $29.49.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $28.19, for a total value of $281,900.00. Following the completion of the sale, the insider directly owned 2,058,895 shares in the company, valued at $58,040,250.05. This trade represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 80,000 shares of company stock worth $1,746,300 over the last three months. Corporate insiders own 1.70% of the company’s stock.

Core Scientific Company Profile

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.