Granahan Investment Management LLC Sells 78,334 Shares of Core Scientific, Inc. $CORZ

Granahan Investment Management LLC lessened its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 22.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 272,622 shares of the company’s stock after selling 78,334 shares during the quarter. Granahan Investment Management LLC’s holdings in Core Scientific were worth $4,078,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Core Scientific by 18.7% in the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after acquiring an additional 5,359,710 shares in the last quarter. Situational Awareness LP lifted its holdings in shares of Core Scientific by 42.5% during the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after purchasing an additional 8,575,944 shares in the last quarter. Jericho Capital Asset Management L.P. lifted its holdings in shares of Core Scientific by 11.4% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock valued at $189,842,000 after purchasing an additional 1,338,796 shares in the last quarter. Value Aligned Research Advisors LLC acquired a new position in shares of Core Scientific in the 4th quarter valued at approximately $117,786,000. Finally, Geode Capital Management LLC grew its position in shares of Core Scientific by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock valued at $111,417,000 after purchasing an additional 109,145 shares during the period.

Analysts Set New Price Targets

CORZ has been the topic of several research analyst reports. Sanford C. Bernstein restated an “outperform” rating and set a $32.00 target price on shares of Core Scientific in a report on Wednesday, June 3rd. BTIG Research upped their price target on shares of Core Scientific from $33.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. Cantor Fitzgerald raised their price objective on shares of Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Finally, Freedom Capital raised shares of Core Scientific to a “hold” rating in a research report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Core Scientific presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.39.

Core Scientific Stock Performance

Shares of Core Scientific stock opened at $22.75 on Friday. The business’s 50 day simple moving average is $25.42 and its 200 day simple moving average is $20.68. Core Scientific, Inc. has a 52-week low of $12.60 and a 52-week high of $30.46. The firm has a market cap of $7.23 billion, a PE ratio of -19.96 and a beta of 5.50.

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

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction 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 completion of the transaction, the insider owned 2,023,426 shares in the company, valued at approximately $45,790,130.38. This represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 80,000 shares of company stock valued at $2,011,800 over the last 90 days. Insiders own 1.70% of the company’s stock.

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.