Core Scientific, Inc. $CORZ is JAT Capital Mgmt LP’s 8th Largest Position

JAT Capital Mgmt LP trimmed its position in Core Scientific, Inc. (NASDAQ:CORZ) by 87.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 investment portfolio, making the stock its 8th biggest position. JAT Capital Mgmt LP’s holdings in Core Scientific were worth $976,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CORZ. Allworth Financial LP boosted its stake in Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after buying an additional 950 shares during the last quarter. Larson Financial Group LLC increased its stake in Core Scientific by 936.7% in the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after acquiring an additional 1,686 shares during the last quarter. Osaic Holdings Inc. raised its holdings in shares of Core Scientific by 112.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after acquiring an additional 1,066 shares in the last quarter. Danske Bank A S purchased a new stake in shares of Core Scientific during the 4th quarter worth approximately $36,000. Finally, Russell Investments Group Ltd. boosted its position in shares of Core Scientific by 61.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock valued at $67,000 after acquiring an additional 1,507 shares during the last quarter.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $20.74 on Tuesday. The stock’s fifty day moving average is $25.36 and its 200 day moving average is $20.74. Core Scientific, Inc. has a fifty-two week low of $12.60 and a fifty-two week high of $30.46. The firm has a market capitalization of $6.59 billion, a PE ratio of -18.19 and a beta of 5.50.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The company had revenue of $115.24 million during the quarter, compared to the consensus estimate of $117.04 million. During the same period in the previous year, the company posted $1.25 EPS. The firm’s revenue was up 44.9% compared to the same quarter last year. Equities analysts forecast that Core Scientific, Inc. will post 0.08 EPS for the current year.

Insider Activity

In other news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $22.63, for a total value of $226,300.00. Following the completion of the sale, the insider owned 2,023,426 shares in the company, valued at approximately $45,790,130.38. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 70,000 shares of company stock valued at $1,802,400. 1.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CORZ shares. Freedom Capital raised shares of Core Scientific to a “hold” rating in a report on Monday, June 15th. B. Riley Financial upped their price target on shares of Core Scientific from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. Cantor Fitzgerald lifted their price objective on shares of Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Finally, Canaccord Genuity Group set a $30.00 price objective on shares of Core Scientific in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.39.

Core Scientific Profile

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.