Jericho Capital Asset Management L.P. Takes Position in Core Scientific, Inc. (NASDAQ:CORZ)

Jericho Capital Asset Management L.P. purchased a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,792,870 shares of the company's stock, valued at approximately $39,240,000. Core Scientific comprises approximately 0.6% of Jericho Capital Asset Management L.P.'s investment portfolio, making the stock its 28th largest holding. Jericho Capital Asset Management L.P. owned about 1.00% of Core Scientific at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CORZ. FMR LLC lifted its stake in shares of Core Scientific by 2,937.7% in the 4th 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. increased its stake in Core Scientific by 54.3% in the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock worth $272,270,000 after purchasing an additional 6,819,406 shares during the period. Helix Partners Management LP purchased a new stake in shares of Core Scientific during the fourth quarter valued at approximately $86,498,000. Lord Abbett & CO. LLC bought a new position in shares of Core Scientific in the fourth quarter worth approximately $38,721,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Core Scientific in the fourth quarter worth $25,752,000.

Analyst Ratings Changes

CORZ has been the topic of a number of analyst reports. Keefe, Bruyette & Woods assumed coverage on shares of Core Scientific in a research report on Monday, January 27th. They issued an "outperform" rating and a $22.00 price objective on the stock. HC Wainwright reaffirmed a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research report on Tuesday, March 11th. Canaccord Genuity Group reiterated a "buy" rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Wednesday, March 12th. Compass Point decreased their target price on Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Finally, Needham & Company LLC cut their price target on shares of Core Scientific from $18.00 to $17.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $19.07.

Core Scientific Stock Up 2.2 %

Shares of NASDAQ:CORZ traded up $0.19 on Friday, hitting $8.74. 11,662,976 shares of the company traded hands, compared to its average volume of 12,825,481. The stock has a 50 day simple moving average of $8.05 and a 200-day simple moving average of $12.22. The company has a market cap of $2.58 billion, a PE ratio of -1.62 and a beta of 6.80. Core Scientific, Inc. has a 52 week low of $3.21 and a 52 week high of $18.63.

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

Insider Buying and Selling

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

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.