Clearline Capital LP Takes Position in Core Scientific, Inc. (NASDAQ:CORZ)

Clearline Capital LP bought a new stake in Core Scientific, Inc. (NASDAQ:CORZ) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,095,863 shares of the company’s stock, valued at approximately $29,447,000. Core Scientific makes up about 3.9% of Clearline Capital LP’s investment portfolio, making the stock its 5th largest position.

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

Core Scientific Price Performance

NASDAQ CORZ opened at $8.90 on Thursday. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of -1.65 and a beta of 6.66. The company has a 50 day simple moving average of $7.94 and a 200-day simple moving average of $12.14. Core Scientific, Inc. has a 52-week low of $3.29 and a 52-week high of $18.63.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, May 7th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of ($0.12) by $1.37. The business had revenue of $79.53 million for the quarter, compared to analyst estimates of $92.04 million. During the same period in the previous year, the company earned $0.78 earnings per share. The company’s quarterly revenue was down 55.6% compared to the same quarter last year. On average, analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CORZ shares. Cantor Fitzgerald reduced their price target 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 reissued a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research note on Wednesday, March 12th. Needham & Company LLC lowered their target price on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. HC Wainwright reaffirmed a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research note on Tuesday, March 11th. Finally, Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a research note on Monday, January 27th. They set an “outperform” rating and a $22.00 price objective on the stock. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $19.07.

Insider Activity

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

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.