Core Scientific, Inc. $CORZ Shares Acquired by Capelight Capital Asset Management LP

Key Points

• Capelight Capital Asset Management increased its Core Scientific stake by 26.1% in the third quarter, acquiring 195,582 additional shares for a total of 945,582 shares valued at approximately $15.1 million.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $31.78.
• Core Scientific shares opened at $13.10, near their 12-month low, while the company’s latest quarterly results included a significant EPS miss despite revenue exceeding expectations.

Capelight Capital Asset Management LP grew its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 26.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 945,582 shares of the company's stock after buying an additional 195,582 shares during the period. Core Scientific accounts for approximately 5.9% of Capelight Capital Asset Management LP's holdings, making the stock its 2nd biggest position. Capelight Capital Asset Management LP owned 0.29% of Core Scientific worth $15,110,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Core Scientific in the second quarter worth about $719,649,000. Bank of America Corp DE increased its stake in shares of Core Scientific by 412.5% during the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company's stock valued at $71,903,000 after purchasing an additional 3,868,535 shares in the last quarter. Apollo Management Holdings L.P. bought a new position in shares of Core Scientific during the second quarter valued at approximately $115,671,000. Fifth Third Bancorp bought a new position in shares of Core Scientific during the first quarter valued at approximately $59,802,000. Finally, Avala Global LP purchased a new position in shares of Core Scientific during the second quarter valued at approximately $101,729,000.

Wall Street Analysts Forecast Growth

CORZ has been the topic of a number of analyst reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $39.00 price target on shares of Core Scientific in a research report on Wednesday, October 14th. Wolfe Research reaffirmed a "buy" rating on shares of Core Scientific in a research report on Wednesday, July 29th. Wells Fargo & Company initiated coverage on Core Scientific in a research note on Thursday, September 17th. They set an "overweight" rating and a $28.00 price objective for the company. Freedom Capital raised Core Scientific from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. Finally, UBS Group reissued a "market outperform" rating on shares of Core Scientific in a research note on Wednesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $31.78.

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $19.97, for a total transaction of $199,700.00. Following the sale, the insider directly owned 1,969,101 shares of the company's stock, valued at $39,322,946.97. This trade represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric Weiss purchased 7,000 shares of the firm's stock in a transaction on Tuesday, August 18th. The shares were acquired at an average cost of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the acquisition, the director owned 259,262 shares of the company's stock, valued at approximately $4,975,237.78. This trade represents a 2.77% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders bought 19,000 shares of company stock worth $342,290 and sold 90,000 shares worth $1,587,500. 1.70% of the stock is owned by company insiders.

Core Scientific Stock Performance

Shares of CORZ opened at $13.10 on Monday. The company has a market cap of $4.21 billion, a price-to-earnings ratio of -2.96 and a beta of 5.49. The business's fifty day simple moving average is $16.66 and its two-hundred day simple moving average is $20.97. Core Scientific, Inc. has a 12 month low of $12.31 and a 12 month high of $30.46.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The business had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. As a group, research analysts forecast that Core Scientific, Inc. will post -1.36 EPS for the current year.

About Core Scientific

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.

Want to see what other hedge funds are holding CORZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Core Scientific, Inc. (NASDAQ:CORZ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.