Jericho Capital Asset Management L.P. Makes New $39.24 Million Investment in Core Scientific, Inc. (NASDAQ:CORZ)

Jericho Capital Asset Management L.P. acquired a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,792,870 shares of the company's stock, valued at approximately $39,240,000. Core Scientific makes up about 0.6% of Jericho Capital Asset Management L.P.'s investment portfolio, making the stock its 28th biggest position. Jericho Capital Asset Management L.P. owned about 1.00% of Core Scientific at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CORZ. Xponance Inc. grew its position in Core Scientific by 7.9% in the 4th quarter. Xponance Inc. now owns 12,800 shares of the company's stock valued at $180,000 after purchasing an additional 937 shares during the period. Summit Investment Advisors Inc. grew its holdings in shares of Core Scientific by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company's stock valued at $262,000 after buying an additional 1,185 shares during the last quarter. Wellington Shields & Co. LLC bought a new stake in shares of Core Scientific during the fourth quarter worth about $26,000. First Horizon Advisors Inc. acquired a new stake in shares of Core Scientific in the 4th quarter worth about $34,000. Finally, Joel Isaacson & Co. LLC lifted its position in Core Scientific by 4.5% in the 4th quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company's stock valued at $815,000 after acquiring an additional 2,500 shares in the last quarter.

Insider Activity

In other Core Scientific news, Director Todd A. Becker sold 134,250 shares of Core Scientific stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total transaction of $1,443,187.50. Following the transaction, the director now directly owns 195,687 shares of the company's stock, valued at approximately $2,103,635.25. This trade represents a 40.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jordan Levy purchased 62,500 shares of the business's stock in a transaction on Thursday, March 6th. The shares were acquired at an average price of $8.01 per share, with a total value of $500,625.00. Following the completion of the transaction, 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 disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CORZ shares. Keefe, Bruyette & Woods assumed coverage on Core Scientific in a research note on Monday, January 27th. They issued an "outperform" rating and a $22.00 price objective for the company. HC Wainwright restated a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, March 11th. Canaccord Genuity Group reiterated a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research note on Wednesday, March 12th. Compass Point dropped their price target on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, February 25th. Finally, Cantor Fitzgerald reduced their price objective on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, February 27th. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $19.07.

Core Scientific Stock Performance

NASDAQ CORZ traded up $0.19 during trading hours on Friday, hitting $8.74. The company had a trading volume of 11,662,976 shares, compared to its average volume of 12,870,003. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of -1.62 and a beta of 6.66. Core Scientific, Inc. has a 52 week low of $3.29 and a 52 week high of $18.63. The firm has a 50 day simple moving average of $8.05 and a 200 day simple moving average of $12.22.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.09. The firm had revenue of $94.93 million during the quarter, compared to the consensus estimate of $97.07 million. On average, research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share 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.