Core Scientific, Inc. (NASDAQ:CORZ) is Parsifal Capital Management LP’s 8th Largest Position

Parsifal Capital Management LP raised its position in Core Scientific, Inc. (NASDAQ:CORZ) by 3.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,615,199 shares of the company’s stock after purchasing an additional 202,374 shares during the quarter. Core Scientific accounts for approximately 6.6% of Parsifal Capital Management LP’s holdings, making the stock its 8th biggest holding. Parsifal Capital Management LP owned approximately 2.01% of Core Scientific worth $78,894,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in shares of Core Scientific by 48.0% during the third quarter. JPMorgan Chase & Co. now owns 437,812 shares of the company’s stock valued at $5,192,000 after buying an additional 142,068 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Core Scientific by 25.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company’s stock worth $1,378,000 after acquiring an additional 20,000 shares during the last quarter. FNY Investment Advisers LLC boosted its holdings in Core Scientific by 35.8% during the 4th quarter. FNY Investment Advisers LLC now owns 190,747 shares of the company’s stock valued at $2,679,000 after acquiring an additional 50,275 shares during the period. Shikiar Asset Management Inc. grew its position in Core Scientific by 27.0% in the 4th quarter. Shikiar Asset Management Inc. now owns 95,250 shares of the company’s stock valued at $1,338,000 after acquiring an additional 20,250 shares during the last quarter. Finally, Red Door Wealth Management LLC grew its position in Core Scientific by 124.3% in the 4th quarter. Red Door Wealth Management LLC now owns 95,378 shares of the company’s stock valued at $1,340,000 after acquiring an additional 52,851 shares during the last quarter.

Wall Street Analysts Forecast Growth

CORZ has been the subject of several research analyst reports. Needham & Company LLC decreased their target price on Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Cantor Fitzgerald decreased their price objective on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Friday, May 9th. Compass Point dropped 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 note on Tuesday, February 25th. Finally, Craig Hallum began coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target for the company. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $19.07.

Insider Activity at Core Scientific

In other news, Director Todd A. Becker sold 134,250 shares of the firm’s 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 sale, the director now directly owns 195,687 shares in the company, valued at approximately $2,103,635.25. This trade represents a 40.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jordan Levy acquired 62,500 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the transaction, the director now owns 306,887 shares in the company, valued at approximately $2,458,164.87. The trade was 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 owned by corporate insiders.

Core Scientific Stock Up 3.6%

Shares of CORZ stock opened at $10.24 on Wednesday. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of -1.89 and a beta of 6.66. Core Scientific, Inc. has a 52-week low of $3.46 and a 52-week high of $18.63. The company’s 50 day moving average is $7.93 and its 200 day moving average is $12.04.

Core Scientific (NASDAQ:CORZ) last announced its earnings results 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 company had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. The firm’s revenue was down 55.6% compared to the same quarter last year. During the same period last year, the business posted $0.78 EPS. 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.