Helix Partners Management LP Cuts Stock Position 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 trimmed its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 2.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,000,000 shares of the company's stock after selling 156,437 shares during the quarter. Core Scientific comprises 12.9% of Helix Partners Management LP's portfolio, making the stock its biggest holding. Helix Partners Management LP owned 2.01% of Core Scientific worth $43,440,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Emerald Mutual Fund Advisers Trust acquired a new position in Core Scientific during the first quarter worth $38,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Core Scientific in the first quarter valued at about $50,000. CWM LLC grew its position in shares of Core Scientific by 403.9% in the first quarter. CWM LLC now owns 8,092 shares of the company's stock valued at $59,000 after purchasing an additional 6,486 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Core Scientific by 1,722.3% in the first quarter. GAMMA Investing LLC now owns 8,565 shares of the company's stock valued at $62,000 after purchasing an additional 8,095 shares during the last quarter. Finally, US Bancorp DE lifted its stake in shares of Core Scientific by 23.7% in the first quarter. US Bancorp DE now owns 8,682 shares of the company's stock valued at $63,000 after buying an additional 1,663 shares during the period.

Analysts Set New Price Targets

CORZ has been the subject of several research reports. Needham & Company LLC cut shares of Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price for the company. in a research note on Thursday, July 10th. Arete Research upgraded shares of Core Scientific to a "strong-buy" rating in a research note on Tuesday, July 22nd. Roth Capital cut their target price on shares of Core Scientific from $20.00 to $17.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. Arete began coverage on shares of Core Scientific in a report on Tuesday, July 22nd. They issued a "buy" rating and a $20.00 price target for the company. Finally, Citigroup lowered shares of Core Scientific from an "outperform" rating to a "market perform" rating in a report on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Core Scientific has a consensus rating of "Hold" and an average target price of $18.32.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 7,759 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total value of $96,134.01. Following the sale, the insider directly owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. The trade was 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. Over the last quarter, insiders have sold 117,759 shares of company stock valued at $1,391,434. Insiders own 1.40% of the company's stock.

Core Scientific Price Performance

Shares of NASDAQ CORZ remained flat at $14.35 during midday trading on Friday. 6,447,536 shares of the stock were exchanged, compared to its average volume of 17,590,316. The business's 50 day moving average is $14.19 and its 200-day moving average is $11.13. The stock has a market capitalization of $4.38 billion, a P/E ratio of -25.63 and a beta of 6.60. Core Scientific, Inc. has a 52 week low of $6.20 and a 52 week high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Friday, August 8th. The company reported ($0.04) EPS 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 the consensus estimate of $82.09 million. The firm's quarterly revenue was down 44.3% on a year-over-year basis. Equities research analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Core Scientific Company Profile

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.