Pier Capital LLC Grows Stock Holdings in Core Scientific, Inc. $CORZ

Key Points

• Pier Capital LLC boosted its stake in Core Scientific by 131% in Q3, adding 286,400 shares to hold 504,958 shares (~$9.06M), making CORZ its 18th-largest position and roughly 1.4% of Pier’s portfolio; Pier owns about 0.16% of Core Scientific.
• Core Scientific beat EPS expectations with $0.42 per share for the quarter (vs. a -$0.27 estimate) but saw revenue decline 16% year-over-year to $79.8M and miss analyst revenue forecasts; the company has a market cap of ~$5.12B and a 12‑month range of $6.20–$23.63.
• Analyst sentiment is broadly positive with a consensus rating of Moderate Buy and an average price target of $24.84, following recent price-target moves clustered around $23–$25.

Pier Capital LLC raised its holdings in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 131.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 504,958 shares of the company's stock after acquiring an additional 286,400 shares during the period. Core Scientific accounts for about 1.4% of Pier Capital LLC's holdings, making the stock its 18th biggest position. Pier Capital LLC owned 0.16% of Core Scientific worth $9,059,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CORZ. Xponance Inc. grew its position in shares of Core Scientific by 2.7% in the third quarter. Xponance Inc. now owns 22,334 shares of the company's stock valued at $401,000 after purchasing an additional 595 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Core Scientific by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,029 shares of the company's stock worth $377,000 after buying an additional 711 shares during the period. Orion Porfolio Solutions LLC lifted its position in Core Scientific by 5.2% during the third quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company's stock worth $279,000 after buying an additional 766 shares during the period. HHM Wealth Advisors LLC boosted its stake in Core Scientific by 96.5% in the 2nd quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company's stock worth $33,000 after buying an additional 946 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its stake in Core Scientific by 112.1% in the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock worth $34,000 after buying an additional 1,066 shares during the last quarter.

Core Scientific Price Performance

Core Scientific stock opened at $16.24 on Friday. The stock's 50-day moving average is $17.37 and its 200-day moving average is $17.00. The company has a market cap of $5.12 billion, a price-to-earnings ratio of 13.88 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 released its quarterly earnings data on Monday, March 2nd. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.69. The firm had revenue of $79.76 million during the quarter, compared to analyst estimates of $118.45 million. The business's revenue for the quarter was down 16.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.69) earnings per share. Research analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on CORZ. Cantor Fitzgerald dropped their price objective on shares of Core Scientific from $26.00 to $25.00 and set an "overweight" rating for the company in a research note on Tuesday, March 3rd. BTIG Research raised shares of Core Scientific from a "neutral" rating to a "buy" rating and set a $23.00 target price on the stock in a research report on Tuesday, January 6th. Weiss Ratings restated a "sell (d-)" rating on shares of Core Scientific in a report on Wednesday, January 21st. Zacks Research raised shares of Core Scientific from a "strong sell" rating to a "hold" rating in a research report on Tuesday, January 13th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Core Scientific from $19.00 to $25.00 and gave the stock a "moderate buy" rating in a research note on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $24.84.

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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