Core Scientific, Inc. $CORZ Stock Holdings Decreased by JAT Capital Mgmt LP

JAT Capital Mgmt LP reduced its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 87.3% in the first quarter, Holdings Channel.com reports. The fund owned 65,273 shares of the company’s stock after selling 449,769 shares during the quarter. Core Scientific comprises about 1.6% of JAT Capital Mgmt LP’s portfolio, making the stock its 8th largest holding. JAT Capital Mgmt LP’s holdings in Core Scientific were worth $976,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the business. Situational Awareness LP grew its position in Core Scientific by 42.5% in the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after acquiring an additional 8,575,944 shares during the last quarter. Value Aligned Research Advisors LLC bought a new stake in shares of Core Scientific during the fourth quarter worth $117,786,000. Vanguard Group Inc. lifted its position in shares of Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after purchasing an additional 5,359,710 shares during the last quarter. Fifth Third Bancorp purchased a new stake in shares of Core Scientific during the first quarter valued at $59,802,000. Finally, Clearline Capital LP boosted its stake in shares of Core Scientific by 274.2% during the fourth quarter. Clearline Capital LP now owns 4,689,443 shares of the company’s stock valued at $68,278,000 after purchasing an additional 3,436,127 shares during the period.

Core Scientific Trading Down 8.8%

Shares of CORZ stock opened at $20.74 on Tuesday. Core Scientific, Inc. has a twelve month low of $12.60 and a twelve month high of $30.46. The stock has a market capitalization of $6.59 billion, a price-to-earnings ratio of -18.19 and a beta of 5.50. The stock has a fifty day simple moving average of $25.36 and a two-hundred day simple moving average of $20.74.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The firm had revenue of $115.24 million during the quarter, compared to analysts’ expectations of $117.04 million. The company’s revenue for the quarter was up 44.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.25 EPS. Research analysts predict that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.

Insider Activity

In other news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $22.63, for a total transaction of $226,300.00. Following the transaction, the insider directly owned 2,023,426 shares in the company, valued at approximately $45,790,130.38. This trade represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 70,000 shares of company stock worth $1,802,400 in the last 90 days. 1.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on CORZ. Jefferies Financial Group raised their price target on shares of Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. B. Riley Financial boosted their price objective on shares of Core Scientific from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. Sanford C. Bernstein restated an “outperform” rating and issued a $32.00 target price on shares of Core Scientific in a research note on Wednesday, June 3rd. BTIG Research upped their target price on shares of Core Scientific from $33.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Freedom Capital raised shares of Core Scientific to a “hold” rating in a research report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.39.

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.