Pier Capital LLC Raises Stock Position in Core Scientific, Inc. $CORZ

Pier Capital LLC lifted its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 131.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 504,958 shares of the company’s stock after buying an additional 286,400 shares during the period. Core Scientific makes up about 1.4% of Pier Capital LLC’s portfolio, making the stock its 18th biggest holding. Pier Capital LLC’s holdings in Core Scientific were worth $9,059,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Sei Investments Co. increased its holdings in Core Scientific by 6.4% in the 3rd quarter. Sei Investments Co. now owns 126,304 shares of the company’s stock valued at $2,266,000 after purchasing an additional 7,619 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Core Scientific by 55.4% during the third quarter. Mackenzie Financial Corp now owns 17,497 shares of the company’s stock worth $314,000 after purchasing an additional 6,237 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Core Scientific by 56.7% in the third quarter. Franklin Resources Inc. now owns 16,584 shares of the company’s stock worth $298,000 after buying an additional 6,000 shares during the period. Swiss National Bank boosted its position in shares of Core Scientific by 4.5% in the third quarter. Swiss National Bank now owns 559,400 shares of the company’s stock worth $10,036,000 after buying an additional 24,200 shares during the period. Finally, Russell Investments Group Ltd. grew its stake in shares of Core Scientific by 1,235.6% in the third quarter. Russell Investments Group Ltd. now owns 52,648 shares of the company’s stock valued at $945,000 after buying an additional 48,706 shares in the last quarter.

Analyst Ratings Changes

Several equities research analysts recently commented on CORZ shares. HC Wainwright reiterated a “buy” rating and set a $25.00 target price on shares of Core Scientific in a report on Tuesday, March 3rd. Cantor Fitzgerald decreased their price target on Core Scientific from $26.00 to $25.00 and set an “overweight” rating for the company in a report on Tuesday, March 3rd. BTIG Research raised shares of Core Scientific from a “neutral” rating to a “buy” rating and set a $23.00 price objective for the company in a research report on Tuesday, January 6th. Needham & Company LLC upgraded shares of Core Scientific from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research note on Tuesday, March 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $24.84.

Core Scientific Price Performance

CORZ opened at $16.24 on Friday. Core Scientific, Inc. has a 12-month low of $6.20 and a 12-month high of $23.63. The stock has a market capitalization of $5.12 billion, a PE ratio of 13.88 and a beta of 6.87. The firm’s fifty day moving average price is $17.37 and its 200 day moving average price is $17.00.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Monday, March 2nd. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.69. The company had revenue of $79.76 million for the quarter, compared to analyst estimates of $118.45 million. Core Scientific’s revenue was down 16.0% on a year-over-year basis. During the same period in the prior year, the business earned ($0.69) earnings per share. On average, equities research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

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.