Valiant Capital Increases Core Scientific Stake by 1.68 Million Shares, Valued at $116.31 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Fool
- Increased Stake: Valiant Capital Management acquired an additional 1.68 million shares of Core Scientific in Q3, bringing its total holdings to 6.48 million shares valued at $116.31 million, indicating strong confidence in the company's future prospects.
- Market Performance: Despite a 4% rise in Core Scientific's stock price over the past year, it underperformed the S&P 500's 17% gain, reflecting market caution regarding its long-term growth potential amidst volatility.
- Business Model: Core Scientific operates a dual business model generating $334.18 million in revenue from self-mining and hosting services, although it reported a net loss of $768.31 million, showcasing its competitive position in the digital asset mining sector.
- Investment Concentration: Core Scientific represents 10.8% of Valiant Capital's assets under management, highlighting the fund's willingness to embrace volatility in exchange for potential nonlinear payoffs in a high-risk investment landscape.
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: 14.610
Low
19.94
Averages
28.09
High
40.00
Current: 14.610
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.
