Element Capital Management LLC Takes Position in Core Scientific, Inc. $CORZ

Element Capital Management LLC bought a new position in Core Scientific, Inc. (NASDAQ:CORZ) in the fourth quarter, Holdings Channel.com reports. The firm bought 361,726 shares of the company’s stock, valued at approximately $5,267,000. Core Scientific comprises about 2.5% of Element Capital Management LLC’s holdings, making the stock its 13th largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CORZ. AQR Capital Management LLC grew its stake in Core Scientific by 106.1% during the 1st quarter. AQR Capital Management LLC now owns 283,432 shares of the company’s stock valued at $2,052,000 after purchasing an additional 145,905 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position 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 last quarter. Cetera Investment Advisers raised its position in Core Scientific by 200.0% during the 2nd quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock worth $663,000 after buying an additional 25,878 shares during the last quarter. Franklin Resources Inc. purchased a new position in Core Scientific during the 2nd quarter worth approximately $181,000. Finally, Russell Investments Group Ltd. lifted its stake in 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 period.

Core Scientific Stock Performance

Shares of NASDAQ CORZ opened at $28.38 on Thursday. The company’s fifty day moving average price is $23.49 and its 200 day moving average price is $19.10. Core Scientific, Inc. has a 1 year low of $10.93 and a 1 year high of $30.46. The company has a market capitalization of $9.02 billion, a PE ratio of -24.89 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $117.04 million. The business’s quarterly revenue was up 44.9% compared to the same quarter last year. During the same period last year, the firm earned $1.25 earnings per share. On average, equities analysts expect that Core Scientific, Inc. will post 0.08 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on CORZ. Loop Capital set a $40.00 price objective on shares of Core Scientific in a research note on Friday, June 12th. Jefferies Financial Group upped their price target on shares of Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a research report on Monday, April 20th. LADENBURG THALM/SH SH reduced their price objective on Core Scientific from $24.50 to $23.75 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Finally, Wall Street Zen upgraded Core Scientific to a “sell” rating in a research note on Saturday, March 14th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.49.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $28.19, for a total value of $281,900.00. Following the completion of the transaction, the insider owned 2,058,895 shares in the company, valued at $58,040,250.05. The trade was a 0.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 80,000 shares of company stock worth $1,746,300. 1.70% of the stock is owned by company insiders.

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.