Pennant Investors LP Sells 164,813 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Pennant Investors LP decreased its position in Core Scientific, Inc. (NASDAQ:CORZ - Free Report) by 20.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 630,000 shares of the company's stock after selling 164,813 shares during the period. Core Scientific accounts for 2.5% of Pennant Investors LP's investment portfolio, making the stock its 12th biggest holding. Pennant Investors LP owned 0.23% of Core Scientific worth $8,852,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the company. FMR LLC boosted its stake in Core Scientific by 2,937.7% in 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. lifted its stake in Core Scientific by 54.3% in the fourth 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 bought a new position in Core Scientific during the fourth quarter valued at $86,498,000. Arrowstreet Capital Limited Partnership bought a new position in Core Scientific during the fourth quarter valued at $25,752,000. Finally, Aurelius Capital Management LP purchased a new stake in Core Scientific in the fourth quarter worth $17,942,000.

Core Scientific Price Performance

Shares of NASDAQ:CORZ traded up $0.78 on Friday, hitting $8.31. The company's stock had a trading volume of 13,719,523 shares, compared to its average volume of 12,688,100. Core Scientific, Inc. has a 1 year low of $2.88 and a 1 year high of $18.63. The company has a market capitalization of $2.45 billion, a PE ratio of -1.54 and a beta of 6.80. The company has a 50-day simple moving average of $8.29 and a 200 day simple moving average of $12.37.

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

Insiders Place Their Bets

In other Core Scientific news, Director Todd A. Becker sold 134,250 shares of the company'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 completion of the sale, 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jordan Levy acquired 62,500 shares of Core Scientific stock in a transaction dated Thursday, March 6th. The shares were bought at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the purchase, the director now directly owns 306,887 shares of the company's stock, valued at approximately $2,458,164.87. The trade was a 25.57 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CORZ. Cantor Fitzgerald cut their price target 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. Keefe, Bruyette & Woods initiated coverage on shares of Core Scientific in a research report on Monday, January 27th. They set an "outperform" rating and a $22.00 target price for the company. HC Wainwright reissued a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a research report on Tuesday, March 11th. Needham & Company LLC cut their price objective on shares of Core Scientific from $18.00 to $17.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Finally, Compass Point reduced their price objective on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Core Scientific currently has an average rating of "Buy" and a consensus price target of $19.07.

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.