Element Capital Management LLC Acquires Shares of 361,726 Core Scientific, Inc. $CORZ

Element Capital Management LLC bought a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 361,726 shares of the company’s stock, valued at approximately $5,267,000. Core Scientific accounts for approximately 2.5% of Element Capital Management LLC’s portfolio, making the stock its 13th biggest holding. Element Capital Management LLC owned approximately 0.12% of Core Scientific at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Clearline Capital LP grew its stake in Core Scientific by 274.2% in the fourth quarter. Clearline Capital LP now owns 4,689,443 shares of the company’s stock worth $68,278,000 after purchasing an additional 3,436,127 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. raised its position in Core Scientific by 74.3% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 95,314 shares of the company’s stock valued at $1,401,000 after purchasing an additional 40,630 shares in the last quarter. Armistice Capital LLC purchased a new stake in shares of Core Scientific in the 4th quarter worth $285,000. ADAR1 Capital Management LLC purchased a new stake in shares of Core Scientific in the 4th quarter worth $437,000. Finally, Value Aligned Research Advisors LLC bought a new position in shares of Core Scientific during the 4th quarter worth $117,786,000.

Core Scientific Trading Up 1.1%

Shares of CORZ opened at $28.38 on Thursday. Core Scientific, Inc. has a 12 month low of $10.93 and a 12 month high of $30.46. The stock has a fifty day moving average price of $23.49 and a 200-day moving average price of $19.10. The firm has a market cap of $9.02 billion, a PE ratio of -24.89 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The firm had revenue of $115.24 million during the quarter, compared to analysts’ expectations of $117.04 million. During the same period last year, the firm earned $1.25 earnings per share. Core Scientific’s quarterly revenue was up 44.9% on a year-over-year basis. As a group, research analysts forecast that Core Scientific, Inc. will post 0.08 EPS for the current year.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $28.19, for a total transaction of $281,900.00. Following the sale, the insider owned 2,058,895 shares in the company, valued at approximately $58,040,250.05. The trade was 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 accessible through this hyperlink. Insiders sold a total of 80,000 shares of company stock worth $1,746,300 in the last 90 days. 1.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CORZ has been the subject of several recent research reports. B. Riley Financial lifted their price objective on Core Scientific from $30.00 to $33.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research report on Monday, April 20th. Jefferies Financial Group upped their price target on shares of Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Canaccord Genuity Group set a $30.00 price objective on shares of Core Scientific in a research note on Friday, May 8th. Finally, HC Wainwright reissued a “buy” rating and set a $25.00 price objective on shares of Core Scientific in a report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $29.49.

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.