Core Scientific, Inc. $CORZ Shares Sold by Nicholas Investment Partners LP

Key Points

• Nicholas Investment Partners LP reduced its Core Scientific stake by 42.3% in the fourth quarter, selling 82,242 shares and ending with 112,077 shares valued at about $1.63 million.
• Analysts remain broadly positive on CORZ: several firms recently raised price targets, and the stock now carries a consensus Moderate Buy rating with an average target of $29.49.
• Core Scientific reported a wider-than-expected quarterly loss, posting ($1.06) EPS versus estimates for a much smaller loss, even as revenue rose 44.9% year over year to $115.24 million.

Nicholas Investment Partners LP cut its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 42.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 112,077 shares of the company's stock after selling 82,242 shares during the quarter. Nicholas Investment Partners LP's holdings in Core Scientific were worth $1,632,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allworth Financial LP grew its stake in shares of Core Scientific by 206.5% during the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company's stock worth $25,000 after purchasing an additional 950 shares during the period. Larson Financial Group LLC grew its stake in shares of Core Scientific by 936.7% during the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company's stock worth $27,000 after purchasing an additional 1,686 shares during the period. Osaic Holdings Inc. grew its stake in shares of Core Scientific by 112.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock worth $34,000 after purchasing an additional 1,066 shares during the period. Danske Bank A S acquired a new position in shares of Core Scientific during the 4th quarter worth $36,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Core Scientific by 61.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company's stock worth $67,000 after purchasing an additional 1,507 shares during the period.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CORZ. Jefferies Financial Group upped their price target on shares of Core Scientific from $24.00 to $37.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Needham & Company LLC boosted their price objective on shares of Core Scientific from $23.00 to $29.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Canaccord Genuity Group set a $30.00 price objective on shares of Core Scientific in a research report on Friday, May 8th. HC Wainwright reiterated a "buy" rating and issued a $25.00 price objective on shares of Core Scientific in a research report on Tuesday, March 3rd. Finally, B. Riley Financial boosted their price objective on shares of Core Scientific from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Core Scientific currently has an average rating of "Moderate Buy" and an average price target of $29.49.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $26.85, for a total value of $268,500.00. Following the transaction, the insider directly owned 2,068,895 shares in the company, valued at approximately $55,549,830.75. This represents a 0.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 70,000 shares of company stock valued at $1,464,400. 1.70% of the stock is currently owned by corporate insiders.

Core Scientific Trading Up 1.4%

NASDAQ:CORZ opened at $27.60 on Friday. The firm has a market cap of $8.77 billion, a price-to-earnings ratio of -24.21 and a beta of 5.49. The company's 50-day moving average is $22.77 and its two-hundred day moving average is $18.82. Core Scientific, Inc. has a 12-month low of $10.93 and a 12-month high of $30.46.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($1.04). The business had revenue of $115.24 million for the quarter, compared to the consensus estimate of $117.04 million. The company's quarterly revenue was up 44.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 EPS. On average, equities research analysts forecast that Core Scientific, Inc. will post 0.08 earnings per share for the current fiscal year.

About Core Scientific

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

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