Union Square Park Capital Management LLC Takes $1.50 Million Position in Core Scientific, Inc. $CORZ

Union Square Park Capital Management LLC purchased a new stake in Core Scientific, Inc. (NASDAQ:CORZ) during the first quarter, Holdings Channel reports. The institutional investor purchased 100,000 shares of the company’s stock, valued at approximately $1,496,000. Core Scientific comprises 0.8% of Union Square Park Capital Management LLC’s investment portfolio, making the stock its 28th largest position.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Allworth Financial LP grew its holdings in Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after purchasing an additional 950 shares during the period. Larson Financial Group LLC increased its stake in Core Scientific by 936.7% in the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock valued at $27,000 after purchasing an additional 1,686 shares in the last quarter. Osaic Holdings Inc. raised its holdings in Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after purchasing an additional 1,066 shares during the period. Danske Bank A S acquired a new stake in Core Scientific in the fourth quarter worth $36,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Core Scientific by 41.3% during the first quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock worth $66,000 after purchasing an additional 1,285 shares in the last quarter.

Core Scientific Trading Down 5.1%

NASDAQ CORZ opened at $22.75 on Friday. Core Scientific, Inc. has a 1 year low of $12.60 and a 1 year high of $30.46. The firm has a market capitalization of $7.23 billion, a P/E ratio of -19.96 and a beta of 5.50. The firm’s fifty day moving average price is $25.42 and its two-hundred day moving average price is $20.68.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results 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 company had revenue of $115.24 million during the quarter, compared to analyst estimates of $117.04 million. The company’s revenue for the quarter was up 44.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.25 EPS. On average, research analysts anticipate that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.

Insider Activity at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $22.63, for a total value of $226,300.00. Following the transaction, the insider owned 2,023,426 shares of the company’s stock, valued at approximately $45,790,130.38. This represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 80,000 shares of company stock valued at $2,011,800 over the last 90 days. 1.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CORZ has been the subject of several research analyst reports. Canaccord Genuity Group set a $30.00 price target on shares of Core Scientific in a report on Friday, May 8th. Lucid Cap Mkts upgraded Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. BTIG Research boosted their target price on Core Scientific from $33.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. Finally, Loop Capital set a $40.00 price target on Core Scientific in a report on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Core Scientific has an average rating of “Moderate Buy” and an average price target of $30.39.

Core Scientific 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.