EntryPoint Capital LLC Makes New Investment in Core Scientific, Inc. (NASDAQ:CORZ)

EntryPoint Capital LLC purchased a new stake in Core Scientific, Inc. (NASDAQ:CORZ) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 23,214 shares of the company’s stock, valued at approximately $326,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Core Scientific by 54.3% in the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after buying an additional 6,819,406 shares in the last quarter. Rush Island Management LP bought a new position in shares of Core Scientific in the 3rd quarter valued at $32,221,000. Taconic Capital Advisors LP boosted its holdings in shares of Core Scientific by 178.7% during the 3rd quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock valued at $32,229,000 after acquiring an additional 1,742,462 shares in the last quarter. Geode Capital Management LLC grew its position in Core Scientific by 26.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock worth $62,594,000 after acquiring an additional 1,113,285 shares during the last quarter. Finally, Whitefort Capital Management LP increased its holdings in Core Scientific by 337.1% in the 3rd quarter. Whitefort Capital Management LP now owns 1,147,500 shares of the company’s stock worth $13,609,000 after purchasing an additional 885,000 shares in the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CORZ. Needham & Company LLC cut their price target on Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Cantor Fitzgerald reduced their target price on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Craig Hallum initiated 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. BTIG Research boosted their price objective on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Finally, Keefe, Bruyette & Woods assumed coverage on Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $19.07.

Core Scientific Stock Performance

Shares of CORZ stock opened at $7.88 on Friday. Core Scientific, Inc. has a fifty-two week low of $2.61 and a fifty-two week high of $18.63. The stock has a 50 day simple moving average of $11.04 and a two-hundred day simple moving average of $13.10. The company has a market cap of $2.32 billion, a P/E ratio of -1.46 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.09. The company had revenue of $94.93 million during the quarter, compared to the consensus estimate of $97.07 million. On average, research analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Activity

In related news, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20. Following the completion of the sale, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. This represents a 2.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Todd M. Duchene sold 25,277 shares of Core Scientific stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $410,498.48. Following the transaction, the insider now directly owns 2,023,423 shares in the company, valued at $32,860,389.52. This represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 748,282 shares of company stock worth $10,978,104. Company insiders own 32.00% of the company’s stock.

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.