PSquared Asset Management Acquires 405,800 Shares of Core Scientific for $7.28 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2h ago
0mins
Source: Fool
- New Investment Position: PSquared Asset Management established a new position in Core Scientific by acquiring 405,800 shares valued at approximately $7.28 million during Q3, indicating confidence in the company's future potential.
- Increased Ownership Stake: This acquisition raises PSquared's stake in Core Scientific to 5.78%, representing a significant portion of its $125.97 million in U.S. equity assets, reflecting a strategic focus on digital asset infrastructure.
- Market Performance Insight: As of last Friday, Core Scientific shares were priced at $15.29, up 5.5% over the past year, yet underperforming the S&P 500's 15% gain, suggesting market caution regarding its future prospects.
- Stable Business Model: Core Scientific generates revenue through digital asset mining and blockchain infrastructure services, and despite merger risks, its valuable power infrastructure remains intact, positioning it for a potential shift towards high-density colocation and AI-adjacent workloads.
CORZ
$15.29+Infinity%1D
Analyst Views on CORZ
Wall Street analysts forecast CORZ stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CORZ is 28.09 USD with a low forecast of 19.94 USD and a high forecast of 40.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
12 Analyst Rating
11 Buy
1 Hold
0 Sell
Strong Buy
Current: 15.570
Low
19.94
Averages
28.09
High
40.00
Current: 15.570
Low
19.94
Averages
28.09
High
40.00
About CORZ
Core Scientific, Inc. provides digital infrastructure for high-density colocation services and digital asset mining. The Company operates dedicated, purpose-built facilities for digital asset mining and is a provider of digital infrastructure, software solutions and services to its third-party customers. Its Digital Asset Self-Mining segment consists of digital asset mining for its own account. Its Digital Asset Hosted Mining segment consists of its digital infrastructure and third-party hosting services for digital asset mining. Its Colocation segment consists of providing high-density colocation services to third parties for graphics processing units (GPU)-based high-performance computing (HPC) operations. It employs its own large fleet of computers (miners) to earn digital assets for its own account and to provide hosting services for large digital asset-mining customers, and it is in the process of allocating and converting a significant portion of its 10 facilities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
