Galaxy Digital Inc. Acquires New Position in Core Scientific, Inc. $CORZ

Galaxy Digital Inc. acquired a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 700,000 shares of the company’s stock, valued at approximately $10,472,000. Core Scientific comprises about 0.9% of Galaxy Digital Inc.’s investment portfolio, making the stock its 13th biggest holding. Galaxy Digital Inc. owned approximately 0.22% of Core Scientific as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CORZ. Situational Awareness LP increased its stake 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 purchasing an additional 8,575,944 shares in the last quarter. Value Aligned Research Advisors LLC purchased a new stake in shares of Core Scientific during the 4th quarter valued at approximately $117,786,000. Vanguard Group Inc. lifted its stake in shares of Core Scientific by 18.7% during the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock valued at $494,462,000 after buying an additional 5,359,710 shares in the last quarter. Fifth Third Bancorp purchased a new stake in shares of Core Scientific during the 1st quarter valued at approximately $59,802,000. Finally, Clearline Capital LP boosted its holdings in Core Scientific by 274.2% in the 4th quarter. Clearline Capital LP now owns 4,689,443 shares of the company’s stock worth $68,278,000 after buying an additional 3,436,127 shares during the period.

Insider Activity at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, July 6th. The shares were 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 SEC, which can be accessed through the SEC website. In the last ninety days, insiders have sold 80,000 shares of company stock worth $2,011,800. 1.70% of the stock is owned by insiders.

Core Scientific Trading Down 5.1%

Shares of NASDAQ:CORZ opened at $22.75 on Friday. The company has a 50 day moving average of $25.42 and a 200 day moving average of $20.68. The stock has a market cap of $7.23 billion, a P/E ratio of -19.96 and a beta of 5.50. Core Scientific, Inc. has a 12 month low of $12.60 and a 12 month high of $30.46.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The business had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. During the same quarter in the previous year, the company earned $1.25 EPS. Core Scientific’s quarterly revenue was up 44.9% on a year-over-year basis. On average, equities analysts forecast that Core Scientific, Inc. will post 0.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CORZ. Freedom Capital upgraded shares of Core Scientific to a “hold” rating in a research note on Monday, June 15th. Canaccord Genuity Group set a $30.00 target price on Core Scientific in a research report on Friday, May 8th. Loop Capital set a $40.00 price target on Core Scientific in a report on Friday, June 12th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $32.00 price target on shares of Core Scientific in a research report on Wednesday, June 3rd. Finally, Needham & Company LLC boosted their price objective on Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Core Scientific presently has a consensus rating of “Moderate Buy” and an average target price 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.