Nicholas Investment Partners LP Cuts Stake in Core Scientific, Inc. $CORZ

Nicholas Investment Partners LP reduced its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 42.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 112,077 shares of the company’s stock after selling 82,242 shares during the period. Nicholas Investment Partners LP’s holdings in Core Scientific were worth $1,632,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CORZ. AQR Capital Management LLC lifted its holdings in shares of Core Scientific by 106.1% during the 1st quarter. AQR Capital Management LLC now owns 283,432 shares of the company’s stock worth $2,052,000 after acquiring an additional 145,905 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Core Scientific by 180.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company’s stock valued at $8,032,000 after buying an additional 714,388 shares during the period. Cetera Investment Advisers raised its holdings in Core Scientific by 200.0% in the second quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock valued at $663,000 after buying an additional 25,878 shares during the period. Franklin Resources Inc. purchased a new position in Core Scientific in the second quarter valued at approximately $181,000. Finally, Russell Investments Group Ltd. raised its holdings in Core Scientific by 61.9% in the second quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock valued at $67,000 after buying an additional 1,507 shares during the period.

Insider Buying and Selling at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $26.85, for a total transaction of $268,500.00. Following the transaction, the insider directly owned 2,068,895 shares in the company, valued at $55,549,830.75. This trade represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 70,000 shares of company stock worth $1,464,400 over the last three months. 1.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Sanford C. Bernstein restated an “outperform” rating and issued a $32.00 price target on shares of Core Scientific in a report on Wednesday, June 3rd. Cantor Fitzgerald raised their price target on shares of Core Scientific from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. LADENBURG THALM/SH SH cut their price target on shares of Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Needham & Company LLC increased their price objective on shares of Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, B. Riley Financial increased 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. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $29.49.

Core Scientific Trading Up 1.4%

CORZ stock opened at $27.60 on Friday. Core Scientific, Inc. has a twelve month low of $10.93 and a twelve month high of $30.46. The company has a market capitalization of $8.77 billion, a P/E ratio of -24.21 and a beta of 5.49. The firm has a 50 day simple moving average of $22.77 and a 200-day simple moving average of $18.82.

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 firm had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. During the same period in the prior year, the firm earned $1.25 earnings per share. The company’s quarterly revenue was up 44.9% on a year-over-year basis. On average, research analysts predict that Core Scientific, Inc. will post 0.08 EPS for the current year.

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.