K2 Principal Fund L.P. Purchases 389,629 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

K2 Principal Fund L.P. boosted its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 440.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 478,029 shares of the company’s stock after purchasing an additional 389,629 shares during the period. K2 Principal Fund L.P. owned about 0.27% of Core Scientific worth $4,446,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise bought a new stake in shares of Core Scientific during the 2nd quarter valued at approximately $28,000. Aspect Partners LLC bought a new stake in shares of Core Scientific during the first quarter worth $29,000. Hexagon Capital Partners LLC acquired a new position in shares of Core Scientific during the first quarter worth $34,000. Lindbrook Capital LLC bought a new position in shares of Core Scientific in the 1st quarter valued at $65,000. Finally, Rise Advisors LLC acquired a new stake in shares of Core Scientific during the 2nd quarter valued at $65,000.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 11,582 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the transaction, the insider now owns 1,686,474 shares of the company’s stock, valued at approximately $15,869,720.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $82,356.32. Following the completion of the sale, the chief financial officer now owns 122,217 shares in the company, valued at approximately $1,150,061.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd M. Duchene sold 11,582 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $108,986.62. Following the completion of the transaction, the insider now directly owns 1,686,474 shares in the company, valued at $15,869,720.34. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 12,761 shares of company stock valued at $127,080. Corporate insiders own 32.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Needham & Company LLC started coverage on Core Scientific in a report on Wednesday, September 4th. They issued a “buy” rating and a $16.00 target price for the company. HC Wainwright upped their price objective on Core Scientific from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a research report on Tuesday, September 3rd. Canaccord Genuity Group initiated coverage on shares of Core Scientific in a research report on Monday. They issued a “buy” rating and a $16.00 price target for the company. Finally, B. Riley upgraded shares of Core Scientific from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $0.50 to $13.00 in a report on Wednesday, July 17th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Core Scientific presently has a consensus rating of “Buy” and a consensus target price of $15.10.

Core Scientific Stock Performance

CORZ stock opened at $12.49 on Tuesday. The company’s fifty day simple moving average is $10.22 and its 200 day simple moving average is $7.13. Core Scientific, Inc. has a 12-month low of $2.61 and a 12-month high of $12.72.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The business had revenue of $141.10 million during the quarter, compared to analysts’ expectations of $128.58 million. The company’s revenue was up 11.2% compared to the same quarter last year. Sell-side analysts expect that Core Scientific, Inc. will post 0.01 EPS for the current fiscal year.

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.