Granahan Investment Management LLC Sells 78,334 Shares of Core Scientific, Inc. $CORZ

Key Points

• Granahan Investment Management reduced its Core Scientific stake by 22.3% in Q1, selling 78,334 shares and leaving it with 272,622 shares worth about $4.08 million.
• Other institutions were active in the stock too, with firms like Renaissance Technologies and Galaxy Digital increasing or initiating positions in Core Scientific during the quarter.
• Core Scientific reported a wider-than-expected loss in its latest quarterly results, missing EPS estimates despite revenue growth of 44.9% year over year; analysts currently rate the stock a Moderate Buy with a $30.39 average price target.

Granahan Investment Management LLC lessened its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 22.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 272,622 shares of the company's stock after selling 78,334 shares during the quarter. Granahan Investment Management LLC owned about 0.09% of Core Scientific worth $4,078,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Galaxy Digital Inc. bought a new stake in shares of Core Scientific during the first quarter valued at approximately $10,472,000. Renaissance Technologies LLC raised its position in Core Scientific by 23.2% in the 1st quarter. Renaissance Technologies LLC now owns 2,132,263 shares of the company's stock worth $31,899,000 after purchasing an additional 401,800 shares during the last quarter. Sei Investments Co. raised its position in Core Scientific by 14.1% in the 1st quarter. Sei Investments Co. now owns 107,207 shares of the company's stock worth $1,604,000 after purchasing an additional 13,249 shares during the last quarter. Cetera Investment Advisers acquired a new position in Core Scientific during the 1st quarter worth $198,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Core Scientific by 41.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company's stock worth $66,000 after buying an additional 1,285 shares in the last quarter.

Core Scientific Stock Performance

CORZ opened at $22.75 on Friday. The company has a fifty day moving average price of $25.42 and a two-hundred day moving average price of $20.68. Core Scientific, Inc. has a 52 week low of $12.60 and a 52 week high of $30.46. The firm has a market capitalization of $7.23 billion, a PE ratio of -19.96 and a beta of 5.50.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($1.04). The company had revenue of $115.24 million during the quarter, compared to analyst estimates of $117.04 million. During the same period in the previous year, the company earned $1.25 EPS. The company's revenue was up 44.9% compared to the same quarter last year. Equities analysts forecast that Core Scientific, Inc. will post 0.08 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CORZ. Canaccord Genuity Group set a $30.00 target price on Core Scientific in a research note on Friday, May 8th. BTIG Research upped their price target on Core Scientific from $33.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. Freedom Capital upgraded Core Scientific to a "hold" rating in a research report on Monday, June 15th. Loop Capital set a $40.00 price objective on Core Scientific in a report on Friday, June 12th. Finally, Lucid Cap Mkts upgraded shares of Core Scientific to a "strong-buy" rating in a research report on Friday, June 12th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $30.39.

Insider Activity

In other news, insider Todd M. Duchene sold 10,000 shares of the company's stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $22.63, for a total value of $226,300.00. Following the completion of the sale, the insider directly owned 2,023,426 shares of the company's stock, valued at $45,790,130.38. This represents a 0.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last three months, insiders sold 80,000 shares of company stock worth $2,011,800. 1.70% of the stock is currently owned by insiders.

Core Scientific Profile

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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