Blackstone Inc. Sells 650,000 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Blackstone Inc. decreased its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 65.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 350,000 shares of the company's stock after selling 650,000 shares during the period. Blackstone Inc. owned about 0.13% of Core Scientific worth $4,918,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of Core Scientific by 25.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company's stock valued at $1,378,000 after purchasing an additional 20,000 shares during the period. JPMorgan Chase & Co. boosted its position in Core Scientific by 48.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 437,812 shares of the company's stock valued at $5,192,000 after buying an additional 142,068 shares during the last quarter. FNY Investment Advisers LLC increased its position in Core Scientific by 35.8% in the fourth quarter. FNY Investment Advisers LLC now owns 190,747 shares of the company's stock worth $2,679,000 after purchasing an additional 50,275 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Core Scientific during the fourth quarter worth approximately $527,000. Finally, Stephens Inc. AR acquired a new position in shares of Core Scientific in the 4th quarter valued at $927,000.

Insider Activity

In other news, Director Todd A. Becker sold 134,250 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the completion of the sale, the director now owns 195,687 shares of the company's stock, valued at $2,103,635.25. This trade represents a 40.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jordan Levy bought 62,500 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the transaction, the director now directly owns 306,887 shares in the company, valued at $2,458,164.87. This trade represents a 25.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CORZ. Cantor Fitzgerald decreased their price objective on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a report on Thursday, February 27th. Compass Point cut their target price on Core Scientific from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Keefe, Bruyette & Woods started coverage on Core Scientific in a report on Monday, January 27th. They issued an "outperform" rating and a $22.00 price objective for the company. Canaccord Genuity Group restated a "buy" rating and set a $17.00 target price on shares of Core Scientific in a report on Friday. Finally, Craig Hallum began coverage on Core Scientific in a research note on Tuesday, January 21st. They set a "buy" rating and a $24.00 target price for the company. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $19.07.

Core Scientific Stock Down 1.4 %

Shares of CORZ stock traded down $0.13 during trading hours on Friday, reaching $9.32. The company's stock had a trading volume of 7,891,097 shares, compared to its average volume of 13,005,471. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of -1.72 and a beta of 6.66. The firm's 50 day simple moving average is $7.92 and its 200-day simple moving average is $12.08. Core Scientific, Inc. has a fifty-two week low of $3.46 and a fifty-two week high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to analyst estimates of $92.04 million. Core Scientific's revenue for the quarter was down 55.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.78 EPS. Sell-side analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Core Scientific 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.