Harvest Portfolios Group Inc. Reduces Stock Position in Core Scientific, Inc. $CORZ

Key Points

• Harvest Portfolios Group Inc. reduced its Core Scientific stake by 38.2% in the fourth quarter, selling 86,544 shares and ending with 139,850 shares worth about $2.04 million.
• Core Scientific reported weaker-than-expected quarterly results, posting a loss of $1.06 per share versus estimates for a $0.02 loss, while revenue of $115.24 million also came in slightly below forecasts.
• Analyst sentiment remains mostly positive despite mixed views, with several firms raising price targets and the stock carrying a consensus rating of “Moderate Buy” and an average target price of $28.14.

Harvest Portfolios Group Inc. cut its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 38.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 139,850 shares of the company's stock after selling 86,544 shares during the period. Harvest Portfolios Group Inc.'s holdings in Core Scientific were worth $2,036,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Core Scientific by 18.7% in the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock valued at $494,462,000 after buying an additional 5,359,710 shares in the last quarter. Jericho Capital Asset Management L.P. purchased a new position in Core Scientific in the third quarter valued at about $209,895,000. Situational Awareness LP increased its holdings in Core Scientific by 76.8% in the second quarter. Situational Awareness LP now owns 7,994,038 shares of the company's stock valued at $136,458,000 after buying an additional 3,472,460 shares in the last quarter. State Street Corp increased its stake in shares of Core Scientific by 23.2% during the 2nd quarter. State Street Corp now owns 6,517,898 shares of the company's stock worth $111,261,000 after purchasing an additional 1,225,351 shares in the last quarter. Finally, Oaktree Capital Management LP purchased a new position in shares of Core Scientific during the 3rd quarter worth approximately $114,829,000.

Insider Transactions at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $20.86, for a total transaction of $208,600.00. Following the sale, the insider owned 1,980,348 shares in the company, valued at approximately $41,310,059.28. This trade represents a 0.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 50,000 shares of company stock worth $933,400 in the last quarter. 1.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CORZ shares. Needham & Company LLC raised their price objective on shares of Core Scientific from $23.00 to $29.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. LADENBURG THALM/SH SH dropped their price objective on shares of Core Scientific from $24.50 to $23.75 and set a "buy" rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Core Scientific in a research note on Monday, April 20th. Keefe, Bruyette & Woods raised their price objective on shares of Core Scientific from $19.00 to $25.00 and gave the stock a "moderate buy" rating in a research note on Tuesday, January 27th. Finally, Jefferies Financial Group raised their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Core Scientific presently has an average rating of "Moderate Buy" and an average price target of $28.14.

Core Scientific Price Performance

Shares of CORZ opened at $23.18 on Thursday. The firm has a 50 day simple moving average of $19.05 and a 200-day simple moving average of $17.75. Core Scientific, Inc. has a 1-year low of $10.40 and a 1-year high of $25.17. The stock has a market cap of $7.37 billion, a price-to-earnings ratio of -20.33 and a beta of 5.45.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced 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 company had revenue of $115.24 million for the quarter, compared to analysts' expectations of $117.04 million. During the same quarter in the prior year, the business posted $1.25 EPS. The business's revenue was up 44.9% compared to the same quarter last year. On average, equities analysts expect that Core Scientific, Inc. will post 0.11 earnings per share for the current fiscal year.

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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