Helix Partners Management LP Has $43.44 Million Holdings in Core Scientific, Inc. $CORZ

Key Points

• Helix Partners Management LP has reduced its stake in Core Scientific, Inc. by 2.5% in the first quarter, holding a total of 6,000,000 shares worth approximately $43.44 million.
• Core Scientific's stock experienced a 2.6% increase and currently has a market cap of $4.29 billion with a price-to-earnings ratio of -25.07.
• The company reported quarterly earnings of ($0.04) EPS, surpassing expectations, but revenue has decreased by 44.3% year-over-year.

Helix Partners Management LP decreased its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 2.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,000,000 shares of the company's stock after selling 156,437 shares during the quarter. Core Scientific accounts for approximately 12.9% of Helix Partners Management LP's holdings, making the stock its biggest holding. Helix Partners Management LP owned 2.01% of Core Scientific worth $43,440,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CORZ. Envestnet Asset Management Inc. acquired a new position in shares of Core Scientific in the 4th quarter valued at $1,707,000. Guggenheim Capital LLC acquired a new position in shares of Core Scientific in the 4th quarter valued at $234,000. First Trust Advisors LP raised its stake in shares of Core Scientific by 33.0% in the 4th quarter. First Trust Advisors LP now owns 203,036 shares of the company's stock valued at $2,853,000 after buying an additional 50,331 shares in the last quarter. MetLife Investment Management LLC raised its stake in shares of Core Scientific by 5.6% in the 4th quarter. MetLife Investment Management LLC now owns 109,369 shares of the company's stock valued at $1,537,000 after buying an additional 5,786 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Core Scientific by 48.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 155,917 shares of the company's stock worth $2,191,000 after purchasing an additional 50,758 shares during the last quarter.

Core Scientific Price Performance

CORZ remained flat at $14.35 during midday trading on Monday. 6,447,536 shares of the company's stock traded hands, compared to its average volume of 17,182,600. The company has a market capitalization of $4.38 billion, a P/E ratio of -25.63 and a beta of 6.59. Core Scientific, Inc. has a 52-week low of $6.20 and a 52-week high of $18.63. The firm has a fifty day moving average price of $14.19 and a 200-day moving average price of $11.12.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.03. The company had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The business's revenue was down 44.3% on a year-over-year basis. On average, research analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CORZ shares. JMP Securities reaffirmed a "market perform" rating on shares of Core Scientific in a report on Tuesday, August 12th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a report on Friday, June 27th. Jefferies Financial Group upped their target price on shares of Core Scientific from $16.00 to $22.00 and gave the stock a "buy" rating in a report on Monday, August 18th. Barclays lowered shares of Core Scientific to an "underweight" rating in a report on Tuesday, July 8th. Finally, Roth Capital lowered their target price on shares of Core Scientific from $20.00 to $17.00 and set a "neutral" rating on the stock in a report on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $18.32.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders have sold 117,759 shares of company stock valued at $1,391,434. 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.