Alight Capital Management LP Sells 75,000 Shares of Core Scientific, Inc. $CORZ

Key Points

• Alight Capital Management LP reduced its position in Core Scientific by 60% to 50,000 shares, now valued at $362,000 after selling 75,000 shares in the first quarter.
• Several institutional investors have increased their stakes in Core Scientific, with notable increases by Wellington Management (11.7%) and US Bancorp DE (23.7%) during the same period.
• Brokerages have mixed ratings on Core Scientific, with Barclays downgrading the stock to "underweight," while Canaccord Genuity maintains a "buy" rating with a price target of $17.00.

Alight Capital Management LP reduced its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 60.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 50,000 shares of the company's stock after selling 75,000 shares during the quarter. Alight Capital Management LP's holdings in Core Scientific were worth $362,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Adage Capital Partners GP L.L.C. purchased a new stake in Core Scientific in the 1st quarter valued at $7,240,000. Appian Way Asset Management LP purchased a new stake in shares of Core Scientific during the 1st quarter valued at $3,905,000. Graham Capital Management L.P. purchased a new stake in shares of Core Scientific during the 1st quarter valued at $723,000. Titleist Asset Management LLC increased its position in shares of Core Scientific by 218.7% during the 1st quarter. Titleist Asset Management LLC now owns 324,229 shares of the company's stock valued at $2,347,000 after purchasing an additional 222,504 shares during the last quarter. Finally, SRN Advisors LLC increased its position in shares of Core Scientific by 96.7% during the 1st quarter. SRN Advisors LLC now owns 196,666 shares of the company's stock valued at $1,424,000 after purchasing an additional 96,666 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CORZ. Needham & Company LLC lowered Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price for the company. in a research report on Thursday, July 10th. Jefferies Financial Group lifted their price objective on Core Scientific from $16.00 to $22.00 and gave the stock a "buy" rating in a report on Monday, August 18th. Arete assumed coverage on Core Scientific in a report on Tuesday, July 22nd. They issued a "buy" rating and a $20.00 price objective for the company. Roth Capital decreased their price objective on Core Scientific from $20.00 to $17.00 and set a "neutral" rating for the company in a report on Friday, August 22nd. Finally, Citizens Jmp lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $18.32.

Insider Activity

In other news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total transaction of $96,134.01. Following the completion of the sale, the insider owned 2,049,689 shares in the company, valued at approximately $25,395,646.71. This trade represents a 0.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.40% of the company's stock.

Core Scientific Price Performance

Shares of CORZ stock remained flat at $13.62 during trading hours on Friday. 9,308,720 shares of the stock were exchanged, compared to its average volume of 15,854,694. The stock has a 50 day simple moving average of $14.20 and a two-hundred day simple moving average of $11.18. Core Scientific, Inc. has a one year low of $6.20 and a one year high of $18.63. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of -24.32 and a beta of 6.59.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. The firm had revenue of $78.63 million during the quarter, compared to the consensus estimate of $82.09 million. The business's quarterly revenue was down 44.3% compared to the same quarter last year. As a group, equities analysts expect that Core Scientific, Inc. will post 0.52 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.