Panoramic Capital LLC Buys New Position in Core Scientific, Inc. (NASDAQ:CORZ)

Panoramic Capital LLC bought a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 117,021 shares of the company’s stock, valued at approximately $1,644,000. Core Scientific comprises 0.9% of Panoramic Capital LLC’s investment portfolio, making the stock its 27th largest holding.

Other hedge funds have also modified their holdings of the company. Wellington Shields & Co. LLC acquired a new position in Core Scientific in the 4th quarter worth about $26,000. First Horizon Advisors Inc. acquired a new stake in Core Scientific in the 4th quarter valued at approximately $34,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific in the 4th quarter worth approximately $42,000. Vestcor Inc bought a new stake in shares of Core Scientific in the 4th quarter worth approximately $66,000. Finally, US Bancorp DE bought a new position in shares of Core Scientific during the 4th quarter worth approximately $99,000.

Core Scientific Trading Up 3.6%

Shares of CORZ opened at $10.24 on Wednesday. Core Scientific, Inc. has a 12 month low of $3.46 and a 12 month high of $18.63. The company has a market cap of $3.05 billion, a price-to-earnings ratio of -1.89 and a beta of 6.66. The business’s fifty day simple moving average is $7.93 and its two-hundred day simple moving average is $12.04.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share 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 analysts’ expectations of $92.04 million. During the same quarter last year, the firm posted $0.78 earnings per share. Core Scientific’s revenue for the quarter was down 55.6% on a year-over-year basis. As a group, research analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Transactions at Core Scientific

In other news, Director Todd A. Becker sold 134,250 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the transaction, the director now owns 195,687 shares of the company’s stock, valued at approximately $2,103,635.25. This represents a 40.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jordan Levy purchased 62,500 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average price of $8.01 per share, with a total value of $500,625.00. Following the acquisition, the director now directly owns 306,887 shares of the company’s stock, valued at $2,458,164.87. This trade represents a 25.57% increase in their position. The disclosure for this purchase can be found here. Insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Cantor Fitzgerald cut their price objective on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. HC Wainwright restated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research note on Tuesday, March 11th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Core Scientific in a research report on Friday, May 9th. Keefe, Bruyette & Woods started coverage on Core Scientific in a report on Monday, January 27th. They issued an “outperform” rating and a $22.00 price objective on the stock. Finally, Craig Hallum started coverage on Core Scientific in a research report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price for the company. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $19.07.

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.