Helix Partners Management LP Has $65.99 Million Stock Holdings in Core Scientific, Inc. $CORZ

Key Points

• Helix Partners Management reduced its Core Scientific position by 21.2% in Q1, but the stock remains its largest holding and makes up 17.7% of the portfolio. The fund still owns 4.41 million shares valued at about $66 million.
• Core Scientific reported a wider-than-expected Q1 loss of $1.06 per share on revenue of $115.24 million, missing analyst estimates slightly. Revenue still rose 44.9% year over year, and analysts currently expect positive EPS for the full year.
• Wall Street sentiment remains mostly positive, with several firms raising price targets and the consensus rating at Moderate Buy with an average target of $30.39. However, insiders have also been selling shares, including a recent sale by executive Todd M. Duchene.

Helix Partners Management LP cut its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 21.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,411,000 shares of the company's stock after selling 1,189,000 shares during the period. Core Scientific comprises 17.7% of Helix Partners Management LP's portfolio, making the stock its largest holding. Helix Partners Management LP owned approximately 1.39% of Core Scientific worth $65,989,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Galaxy Digital Inc. bought a new stake in shares of Core Scientific during the 1st quarter valued at $10,472,000. Renaissance Technologies LLC boosted its holdings 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 buying an additional 401,800 shares during the period. Sei Investments Co. boosted its holdings 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 buying an additional 13,249 shares during the period. Cetera Investment Advisers purchased a new stake in Core Scientific in the 1st quarter worth $198,000. Finally, PNC Financial Services Group Inc. increased its stake in Core Scientific by 41.3% in 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 Price Performance

Shares of CORZ opened at $22.75 on Friday. The stock has a market capitalization of $7.23 billion, a price-to-earnings ratio of -19.96 and a beta of 5.50. Core Scientific, Inc. has a 1 year low of $12.60 and a 1 year high of $30.46. The business's 50 day simple moving average is $25.42 and its 200-day simple moving average is $20.68.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share 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 period in the previous year, the business posted $1.25 earnings per share. The business's quarterly revenue was up 44.9% compared to the same quarter last year. On average, sell-side analysts expect that Core Scientific, Inc. will post 0.08 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on CORZ. Cantor Fitzgerald raised their price target on Core Scientific from $25.00 to $29.00 and gave the company an "overweight" rating in a report on Thursday, April 9th. Freedom Capital raised Core Scientific to a "hold" rating in a research note on Monday, June 15th. Needham & Company LLC increased their target price on Core Scientific from $23.00 to $29.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Jefferies Financial Group lifted their target price on Core Scientific from $24.00 to $37.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Finally, BTIG Research boosted their price target on Core Scientific from $33.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Core Scientific presently has a consensus rating of "Moderate Buy" and an average price target of $30.39.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $22.63, for a total transaction of $226,300.00. Following the completion of the transaction, the insider owned 2,023,426 shares in the company, valued at $45,790,130.38. This trade represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 80,000 shares of company stock worth $2,011,800 in the last three months. 1.70% of the stock is owned by company 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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