Lazard Asset Management LLC Sells 93,042 Shares of Core Scientific, Inc. $CORZ

Lazard Asset Management LLC lessened its stake in Core Scientific, Inc. (NASDAQ:CORZ) by 83.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 18,828 shares of the company’s stock after selling 93,042 shares during the period. Lazard Asset Management LLC’s holdings in Core Scientific were worth $282,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of CORZ. Vanguard Group Inc. increased 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 valued at $494,462,000 after purchasing an additional 5,359,710 shares during the period. Situational Awareness LP lifted its position in Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after purchasing an additional 8,575,944 shares during the period. 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 worth $189,842,000 after acquiring an additional 1,338,796 shares during the period. Value Aligned Research Advisors LLC acquired a new stake in shares of Core Scientific during the 4th quarter valued at about $117,786,000. Finally, Geode Capital Management LLC increased its stake in Core Scientific by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock valued at $111,417,000 after acquiring an additional 109,145 shares during the period.

Core Scientific Price Performance

CORZ opened at $21.01 on Friday. The company’s 50 day simple moving average is $24.59 and its 200-day simple moving average is $20.95. The stock has a market capitalization of $6.75 billion, a P/E ratio of -4.75 and a beta of 5.59. Core Scientific, Inc. has a one year low of $13.14 and a one year high of $30.46.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. As a group, analysts anticipate that Core Scientific, Inc. will post -1.36 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have commented on CORZ. Loop Capital set a $40.00 price target on shares of Core Scientific in a research note on Friday, June 12th. Jefferies Financial Group upped their price objective on Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Freedom Capital raised Core Scientific from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. BTIG Research restated a “buy” rating and set a $38.00 target price on shares of Core Scientific in a research report on Tuesday, July 28th. Finally, Lucid Cap Mkts raised Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Core Scientific has a consensus rating of “Moderate Buy” and an average price target of $32.18.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $22.23, for a total transaction of $222,300.00. Following the transaction, the insider directly owned 1,979,101 shares in the company, valued at approximately $43,995,415.23. This represents a 0.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders sold 90,000 shares of company stock worth $2,248,600. Insiders own 1.70% of the company’s stock.

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.