Mercuria Capital Strategies LLC Makes New Investment in Core Scientific, Inc. $CORZ

Mercuria Capital Strategies LLC purchased a new position in Core Scientific, Inc. (NASDAQ:CORZ) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 186,643 shares of the company’s stock, valued at approximately $2,718,000. Core Scientific comprises about 2.2% of Mercuria Capital Strategies LLC’s investment portfolio, making the stock its 15th largest position.

Several other hedge funds have also added to or reduced their stakes in the business. Jericho Capital Asset Management L.P. purchased a new position in shares of Core Scientific in the third quarter worth about $209,895,000. Situational Awareness LP increased its holdings in shares of Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after buying an additional 8,575,944 shares during the period. Oaktree Capital Management LP purchased a new position in shares of Core Scientific in the third quarter worth about $114,829,000. Vanguard Group Inc. increased its holdings in shares of Core Scientific by 18.7% in the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after buying an additional 5,359,710 shares during the period. Finally, Goodlander Investment Management LLC purchased a new position in shares of Core Scientific in the second quarter worth about $34,994,000.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $26.25, for a total transaction of $262,500.00. Following the transaction, the insider owned 2,088,895 shares in the company, valued at $54,833,493.75. The trade was a 0.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 60,000 shares of company stock worth $1,195,900. 1.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CORZ has been the topic of several analyst reports. Jefferies Financial Group lifted their price objective on Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Wall Street Zen upgraded Core Scientific to a “sell” rating in a report on Saturday, March 14th. Canaccord Genuity Group set a $30.00 price objective on Core Scientific in a report on Friday, May 8th. B. Riley Financial lifted their price objective on Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Finally, BTIG Research lifted their price objective on Core Scientific from $23.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.83.

Core Scientific Price Performance

Shares of NASDAQ:CORZ opened at $25.85 on Friday. Core Scientific, Inc. has a 1 year low of $10.93 and a 1 year high of $30.46. The company has a market cap of $8.22 billion, a PE ratio of -22.68 and a beta of 5.49. The stock’s 50-day moving average is $21.58 and its 200 day moving average is $18.41.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) 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 the consensus estimate of $117.04 million. During the same quarter in the previous year, the company posted $1.25 EPS. Core Scientific’s revenue for the quarter was up 44.9% compared to the same quarter last year. Analysts expect that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.

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.