Jennison Associates LLC Takes Position in Core Scientific, Inc. $CORZ

Key Points

• Jennison Associates opened a new position in Core Scientific, acquiring 966,709 shares valued at about $14.08 million, representing roughly 0.31% of the company.
• Other institutional moves were notable—especially Vanguard, which added 5,359,710 shares to hold 33,960,320 shares (about $494.46 million); several other funds also increased their stakes.
• Analysts have been raising targets and ratings (consensus is a Moderate Buy with an average target of $25.07), and Core Scientific recently reported an EPS beat of $0.42 versus (‑$0.27) despite a revenue miss ($79.76M vs. $118.45M est.).

Jennison Associates LLC acquired a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 966,709 shares of the company's stock, valued at approximately $14,075,000. Jennison Associates LLC owned approximately 0.31% of Core Scientific as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Pekin Hardy Strauss Inc. acquired a new position in shares of Core Scientific during the fourth quarter valued at about $146,000. Pictet Asset Management Holding SA increased its holdings in shares of Core Scientific by 85.7% during the fourth quarter. Pictet Asset Management Holding SA now owns 71,525 shares of the company's stock valued at $1,041,000 after acquiring an additional 33,013 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock valued at $494,462,000 after acquiring an additional 5,359,710 shares in the last quarter. Concurrent Investment Advisors LLC increased its holdings in shares of Core Scientific by 35.8% during the fourth quarter. Concurrent Investment Advisors LLC now owns 309,879 shares of the company's stock valued at $4,512,000 after acquiring an additional 81,633 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Core Scientific by 11.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 94,557 shares of the company's stock valued at $1,377,000 after acquiring an additional 9,800 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Cantor Fitzgerald upped their price objective on shares of Core Scientific from $25.00 to $29.00 and gave the company an "overweight" rating in a report on Thursday, April 9th. Canaccord Genuity Group upped their price objective on shares of Core Scientific from $17.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday, March 4th. BTIG Research upgraded shares of Core Scientific from a "neutral" rating to a "buy" rating and set a $23.00 price objective on the stock in a report on Tuesday, January 6th. HC Wainwright restated a "buy" rating and set a $25.00 price objective on shares of Core Scientific in a report on Tuesday, March 3rd. Finally, Zacks Research upgraded shares of Core Scientific from a "strong sell" rating to a "hold" rating in a report on Tuesday, January 13th. One research 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $25.07.

Insiders Place Their Bets

In related news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $20.94, for a total value of $209,400.00. Following the transaction, the insider owned 1,990,348 shares in the company, valued at approximately $41,677,887.12. This represents a 0.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 40,000 shares of company stock valued at $724,800. 1.70% of the stock is currently owned by corporate insiders.

Core Scientific Trading Up 1.8%

Shares of NASDAQ:CORZ opened at $20.35 on Friday. Core Scientific, Inc. has a twelve month low of $8.39 and a twelve month high of $23.63. The company's 50 day moving average is $17.41 and its 200 day moving average is $17.43. The company has a market cap of $6.42 billion, a PE ratio of 17.39 and a beta of 5.47.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings results on Monday, March 2nd. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.69. The business had revenue of $79.76 million during the quarter, compared to analyst estimates of $118.45 million. During the same quarter last year, the company posted ($0.69) EPS. Core Scientific's quarterly revenue was down 16.0% compared to the same quarter last year. Equities research analysts predict that Core Scientific, Inc. will post 0.07 earnings per share for the current fiscal year.

About Core Scientific

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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