JPMorgan Chase & Co. Sells 313,009 Shares of Core Scientific, Inc. $CORZ

Key Points

• JPMorgan Chase & Co. trimmed its position in Core Scientific by 36.7%, selling 313,009 shares and leaving it with 539,194 shares worth about $9.67 million (≈0.17% of the company).
• Core Scientific posted quarterly results that beat EPS estimates ($0.42 vs. -$0.27) but missed on revenue ($79.8M vs. $118.5M), with revenue down 16% year-over-year and the stock trading down ~4.6% around $15.07.
• Analysts show a largely positive tilt with a consensus rating of "Moderate Buy" and an average price target of $24.84, though individual broker moves are mixed (several upgrades and some sell ratings).

JPMorgan Chase & Co. lowered its position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 36.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 539,194 shares of the company's stock after selling 313,009 shares during the period. JPMorgan Chase & Co. owned 0.17% of Core Scientific worth $9,673,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. ORG Wealth Partners LLC lifted its holdings in shares of Core Scientific by 1.8% during the third quarter. ORG Wealth Partners LLC now owns 7,290,481 shares of the company's stock worth $130,791,000 after buying an additional 128,284 shares in the last quarter. Kintayl Capital LP acquired a new position in shares of Core Scientific in the third quarter valued at about $10,227,000. Universal Beteiligungs und Servicegesellschaft mbH increased its position in Core Scientific by 39.9% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 452,806 shares of the company's stock worth $8,123,000 after acquiring an additional 129,133 shares during the period. Prudential Financial Inc. raised its stake in Core Scientific by 1,326.9% in the 2nd quarter. Prudential Financial Inc. now owns 199,630 shares of the company's stock worth $3,408,000 after purchasing an additional 185,640 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd raised its stake in Core Scientific by 87.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 668,435 shares of the company's stock worth $11,992,000 after purchasing an additional 311,813 shares in the last quarter.

Analyst Ratings Changes

A number of brokerages have issued reports on CORZ. LADENBURG THALM/SH SH decreased their target price on shares of Core Scientific from $24.50 to $23.75 and set a "buy" rating on the stock in a research report on Tuesday, March 3rd. Wall Street Zen upgraded shares of Core Scientific to a "sell" rating in a research report on Saturday, March 14th. Citizens Jmp upgraded Core Scientific from a "market perform" rating to an "outperform" rating and set a $30.00 price target for the company in a research note on Thursday, December 18th. Weiss Ratings reissued a "sell (d-)" rating on shares of Core Scientific in a research report on Wednesday, January 21st. Finally, Needham & Company LLC upgraded Core Scientific from a "hold" rating to a "buy" rating and set a $23.00 price objective on the stock in a research note on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $24.84.

Core Scientific Stock Down 4.6%

CORZ stock opened at $15.07 on Friday. The company's 50-day moving average price is $17.16 and its two-hundred day moving average price is $17.20. The firm has a market cap of $4.75 billion, a P/E ratio of 12.88 and a beta of 6.87. Core Scientific, Inc. has a 12 month low of $6.20 and a 12 month high of $23.63.

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 analysts' consensus estimates of ($0.27) by $0.69. The firm had revenue of $79.76 million for the quarter, compared to the consensus estimate of $118.45 million. The business's revenue was down 16.0% on a year-over-year basis. During the same period last year, the company posted ($0.69) EPS. Equities analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current 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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