Hudson Bay Capital Management LP Decreases Stock Position in Core Scientific, Inc. (NASDAQ:CORZ)

Hudson Bay Capital Management LP lowered its position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 32.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 214,758 shares of the company's stock after selling 101,887 shares during the period. Hudson Bay Capital Management LP owned about 0.08% of Core Scientific worth $3,017,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. FMR LLC grew its position in Core Scientific by 2,937.7% during the fourth quarter. FMR LLC now owns 7,436,229 shares of the company's stock valued at $104,479,000 after acquiring an additional 7,191,428 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Core Scientific by 54.3% during the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock valued at $272,270,000 after purchasing an additional 6,819,406 shares during the last quarter. Helix Partners Management LP purchased a new position in Core Scientific in the 4th quarter worth $86,498,000. Driehaus Capital Management LLC raised its position in Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock worth $144,212,000 after purchasing an additional 5,424,901 shares during the period. Finally, Fred Alger Management LLC purchased a new position in Core Scientific in the 4th quarter worth $62,011,000.

Insider Activity at Core Scientific

In other news, Director Jordan Levy acquired 62,500 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were acquired at an average cost of $8.01 per share, with a total value of $500,625.00. Following the completion of the acquisition, the director now owns 306,887 shares of the company's stock, valued at approximately $2,458,164.87. This trade represents a 25.57% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Todd A. Becker sold 134,250 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $10.75, for a total value of $1,443,187.50. Following the completion of the transaction, the director now directly owns 195,687 shares in the company, valued at $2,103,635.25. This represents a 40.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

Core Scientific Stock Up 2.6%

CORZ traded up $0.27 during trading hours on Friday, reaching $10.78. 14,054,007 shares of the company's stock traded hands, compared to its average volume of 13,123,524. The firm has a 50-day moving average price of $8.08 and a 200 day moving average price of $11.99. Core Scientific, Inc. has a 52-week low of $3.67 and a 52-week high of $18.63. The firm has a market capitalization of $3.21 billion, a PE ratio of -1.99 and a beta of 6.66.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The business had revenue of $79.53 million for the quarter, compared to analysts' expectations of $92.04 million. During the same quarter in the previous year, the firm earned $0.78 EPS. Core Scientific's revenue was down 55.6% compared to the same quarter last year. Equities analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CORZ shares. Craig Hallum started coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They issued a "buy" rating and a $24.00 target price on the stock. Canaccord Genuity Group reiterated a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research report on Friday, May 9th. Cantor Fitzgerald dropped their price objective on Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a research note on Thursday, February 27th. Needham & Company LLC restated a "buy" rating and issued a $16.00 target price on shares of Core Scientific in a report on Friday. Finally, Compass Point reduced their price target on Core Scientific from $26.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Sixteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Core Scientific has a consensus rating of "Buy" and an average price target of $18.75.

Core Scientific Company 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.