Creek Drive Management Group LLC Makes New Investment in Core Scientific, Inc. $CORZ

Creek Drive Management Group LLC purchased a new stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 112,500 shares of the company’s stock, valued at approximately $1,638,000. Core Scientific accounts for 1.1% of Creek Drive Management Group LLC’s holdings, making the stock its 27th largest position.

Other institutional investors and hedge funds have also recently modified their holdings of 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 buying an additional 5,359,710 shares during the period. Situational Awareness LP boosted its holdings in 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 acquiring an additional 8,575,944 shares during the period. Jericho Capital Asset Management L.P. grew its position in 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 last quarter. Value Aligned Research Advisors LLC bought a new position in Core Scientific during the 4th quarter worth approximately $117,786,000. Finally, Geode Capital Management LLC increased its stake in Core Scientific by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock worth $111,417,000 after purchasing an additional 109,145 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CORZ. LADENBURG THALM/SH SH lowered their price objective on Core Scientific from $24.50 to $23.75 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. BTIG Research raised their target price on shares of Core Scientific from $23.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Canaccord Genuity Group set a $30.00 target price on shares of Core Scientific in a research note on Friday, May 8th. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 target price on shares of Core Scientific in a research note on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a report on Monday, April 20th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Core Scientific currently has a consensus rating of “Moderate Buy” and an average price target of $29.49.

Insider Activity

In other news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $28.19, for a total transaction of $281,900.00. Following the transaction, the insider directly owned 2,058,895 shares of the company’s stock, valued at approximately $58,040,250.05. The trade was a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 80,000 shares of company stock worth $1,746,300 over the last 90 days. 1.70% of the stock is currently owned by insiders.

Core Scientific Price Performance

NASDAQ CORZ opened at $29.16 on Friday. Core Scientific, Inc. has a 1 year low of $10.93 and a 1 year high of $30.46. The stock has a market capitalization of $9.27 billion, a PE ratio of -25.58 and a beta of 5.49. The business’s 50-day moving average is $23.97 and its 200 day moving average is $19.26.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) EPS 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 analyst estimates of $117.04 million. During the same period last year, the firm earned $1.25 earnings per share. Core Scientific’s revenue was up 44.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Core Scientific, Inc. will post 0.08 earnings per share for the current 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.