Northern Right Capital Management L.P. Sells 378,074 Shares of Core Scientific, Inc. $CORZ

Key Points

• Northern Right Capital Management L.P. significantly reduced its stake in Core Scientific by 71.6%, now holding 150,000 shares worth approximately $1.09 million.
• Several institutional investors increased their positions in Core Scientific during the first quarter, with CWM LLC's holdings growing by 403.9%.
• Core Scientific reported a quarterly revenue of $78.63 million, which was down 44.3% year-over-year, and the company's EPS was better than analyst estimates at ($0.04).

Northern Right Capital Management L.P. cut its stake in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 71.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 150,000 shares of the company's stock after selling 378,074 shares during the period. Core Scientific comprises approximately 0.4% of Northern Right Capital Management L.P.'s portfolio, making the stock its 22nd largest position. Northern Right Capital Management L.P. owned approximately 0.05% of Core Scientific worth $1,086,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CORZ. Oppenheimer Asset Management Inc. boosted its holdings in shares of Core Scientific by 229.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock valued at $272,000 after purchasing an additional 26,135 shares during the last quarter. Summit Trail Advisors LLC bought a new position in shares of Core Scientific during the 1st quarter worth about $357,000. Deutsche Bank AG grew its position in Core Scientific by 53.8% in the fourth quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock valued at $2,319,000 after acquiring an additional 57,742 shares during the period. Millennium Management LLC acquired a new position in Core Scientific in the fourth quarter valued at approximately $1,335,000. Finally, Teacher Retirement System of Texas acquired a new stake in shares of Core Scientific during the first quarter worth about $234,000.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total transaction of $96,134.01. Following the transaction, the insider owned 2,049,689 shares of the company's stock, valued at $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 is available through this hyperlink. 1.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CORZ shares. Arete assumed coverage on shares of Core Scientific in a research report on Tuesday, July 22nd. They set a "buy" rating and a $20.00 price objective for the company. JMP Securities reissued a "market perform" rating on shares of Core Scientific in a research report on Tuesday, August 12th. Citizens Jmp downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 14th. Macquarie reissued a "neutral" rating and issued a $15.00 target price on shares of Core Scientific in a research note on Tuesday, August 19th. Finally, Craig Hallum lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Core Scientific currently has a consensus rating of "Hold" and an average target price of $18.32.

Core Scientific Price Performance

Shares of NASDAQ:CORZ traded down $0.12 during trading on Friday, hitting $13.51. 6,712,291 shares of the company were exchanged, compared to its average volume of 16,274,374. The stock has a market capitalization of $4.12 billion, a P/E ratio of -24.03 and a beta of 6.59. Core Scientific, Inc. has a 12-month low of $6.20 and a 12-month high of $18.63. The firm's 50 day moving average price is $14.26 and its 200-day moving average price is $11.18.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings data on Friday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.03. The firm had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The firm's revenue for the quarter was down 44.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current year.

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.