Pacific Point Advisors LLC Buys New Shares in Core Scientific, Inc. $CORZ

Pacific Point Advisors LLC bought a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 60,000 shares of the company’s stock, valued at approximately $1,024,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CORZ. Avior Wealth Management LLC acquired a new position in shares of Core Scientific during the 2nd quarter valued at about $221,000. Perigon Wealth Management LLC increased its position in Core Scientific by 14.2% during the second quarter. Perigon Wealth Management LLC now owns 117,574 shares of the company’s stock worth $2,007,000 after purchasing an additional 14,644 shares during the last quarter. Heritage Oak Wealth Advisors LLC raised its stake in Core Scientific by 2.4% during the second quarter. Heritage Oak Wealth Advisors LLC now owns 753,846 shares of the company’s stock worth $12,868,000 after purchasing an additional 17,709 shares during the period. Wealth Management Partners LLC acquired a new position in shares of Core Scientific in the 2nd quarter valued at $217,000. Finally, Farther Finance Advisors LLC acquired a new position in shares of Core Scientific in the 2nd quarter valued at $65,000.

Core Scientific Stock Performance

Core Scientific stock opened at $17.94 on Wednesday. The firm has a market capitalization of $5.48 billion, a PE ratio of -32.04 and a beta of 6.59. Core Scientific, Inc. has a one year low of $6.20 and a one year high of $18.63. The stock’s 50 day moving average price is $14.75 and its 200 day moving average price is $11.98.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The firm had revenue of $78.63 million for the quarter, compared to analysts’ expectations of $82.09 million. The company’s quarterly revenue was down 44.3% compared to the same quarter last year. On average, analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on CORZ shares. Craig Hallum downgraded Core Scientific from a “strong-buy” rating to a “hold” rating in a report on Monday, July 7th. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research note on Friday, June 27th. Compass Point assumed coverage on Core Scientific in a research note on Monday, September 15th. They issued a “buy” rating on the stock. Macquarie boosted their target price on Core Scientific from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday. Finally, Barclays lowered shares of Core Scientific to an “underweight” rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $18.71.

Core Scientific 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.