Core Scientific, Inc. $CORZ Shares Sold by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC significantly reduced its stake in Core Scientific, Inc. by 72.1%, now owning approximately $5.56 million worth of shares after selling nearly 2 million shares in the first quarter.
• Insider activity includes Yadin Rozov, a director at Core Scientific, purchasing 110,000 shares, representing a 30.08% increase in their ownership, while Todd M. Duchene sold 60,000 shares, decreasing their holdings.
• Core Scientific's stock has shown volatility with a one year low of $6.20 and a high of $18.63, while the company reported a 44.3% year-over-year revenue decline despite beating EPS estimates.

Lord Abbett & CO. LLC decreased its position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 72.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 768,094 shares of the company's stock after selling 1,987,820 shares during the period. Lord Abbett & CO. LLC owned about 0.26% of Core Scientific worth $5,561,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its stake in shares of Core Scientific by 41.7% during the fourth quarter. Wells Fargo & Company MN now owns 100,848 shares of the company's stock valued at $1,417,000 after acquiring an additional 29,669 shares in the last quarter. Envestnet Asset Management Inc. acquired a new stake in Core Scientific during the 4th quarter valued at approximately $1,707,000. Russell Investments Group Ltd. increased its holdings in Core Scientific by 8,857.6% during the 4th quarter. Russell Investments Group Ltd. now owns 167,507 shares of the company's stock worth $2,353,000 after purchasing an additional 165,637 shares during the last quarter. Bank of Montreal Can acquired a new position in shares of Core Scientific in the 4th quarter valued at approximately $142,000. Finally, Legal & General Group Plc grew its position in shares of Core Scientific by 30.3% during the fourth quarter. Legal & General Group Plc now owns 194,368 shares of the company's stock worth $2,731,000 after buying an additional 45,189 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. HC Wainwright reaffirmed a "neutral" rating on shares of Core Scientific in a report on Monday, August 11th. BTIG Research downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price for the company. in a research report on Monday, July 7th. Arete started coverage on shares of Core Scientific in a research note on Tuesday, July 22nd. They issued a "buy" rating and a $20.00 target price on the stock. Needham & Company LLC downgraded Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 price target for the company. in a research note on Thursday, July 10th. Finally, JMP Securities reissued a "market perform" rating on shares of Core Scientific in a report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Core Scientific presently has a consensus rating of "Hold" and a consensus target price of $18.47.

Core Scientific Price Performance

Shares of NASDAQ CORZ traded down $0.2590 during mid-day trading on Thursday, hitting $13.8210. The company had a trading volume of 15,156,718 shares, compared to its average volume of 16,641,438. Core Scientific, Inc. has a 12 month low of $6.20 and a 12 month high of $18.63. The stock has a market cap of $4.22 billion, a price-to-earnings ratio of -24.60 and a beta of 6.60. The firm's 50 day simple moving average is $13.91 and its two-hundred day simple moving average is $11.06.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its earnings results on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company's revenue for the quarter was down 44.3% compared to the same quarter last year. Equities analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Insider Activity at Core Scientific

In related news, Director Yadin Rozov bought 110,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was purchased at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the transaction, the director directly owned 475,687 shares of the company's stock, valued at approximately $5,170,717.69. This represents a 30.08% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Todd M. Duchene sold 60,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $11.33, for a total transaction of $679,800.00. Following the transaction, the insider directly owned 2,100,102 shares in the company, valued at approximately $23,794,155.66. The trade was a 2.78% decrease in their position. The disclosure for this sale can be found here. 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 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.