Tidal Investments LLC Sells 347,662 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Tidal Investments LLC reduced its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 10.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,971,334 shares of the company's stock after selling 347,662 shares during the quarter. Tidal Investments LLC owned approximately 1.06% of Core Scientific worth $41,747,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wellington Shields & Co. LLC bought a new position in shares of Core Scientific during the fourth quarter valued at $26,000. First Horizon Advisors Inc. bought a new stake in shares of Core Scientific in the 4th quarter worth about $34,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific in the 4th quarter worth about $42,000. Vestcor Inc bought a new stake in shares of Core Scientific in the 4th quarter worth about $66,000. Finally, US Bancorp DE bought a new stake in shares of Core Scientific in the 4th quarter worth about $99,000.

Core Scientific Stock Performance

NASDAQ:CORZ traded down $0.14 on Wednesday, hitting $10.78. 14,330,418 shares of the stock were exchanged, compared to its average volume of 13,262,519. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of -1.99 and a beta of 6.66. Core Scientific, Inc. has a 52 week low of $3.95 and a 52 week high of $18.63. The company's 50-day moving average price is $8.24 and its 200 day moving average price is $11.91.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. The business's revenue for the quarter was down 55.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.78 earnings per share. As a group, equities research analysts predict that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Cantor Fitzgerald lowered their target price on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, February 27th. Needham & Company LLC reaffirmed a "buy" rating and issued a $16.00 target price on shares of Core Scientific in a report on Friday, May 16th. Craig Hallum assumed coverage on shares of Core Scientific in a report on Tuesday, January 21st. They issued a "buy" rating and a $24.00 target price on the stock. Compass Point lowered their target price on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Finally, Oppenheimer initiated coverage on shares of Core Scientific in a report on Wednesday, May 14th. They issued an "outperform" rating and a $15.00 target price on the stock. Sixteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $18.75.

Insiders Place Their Bets

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

About Core Scientific

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.