Jericho Capital Asset Management L.P. Grows Stake in Core Scientific, Inc. $CORZ

Jericho Capital Asset Management L.P. raised its position in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 11.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,038,619 shares of the company’s stock after purchasing an additional 1,338,796 shares during the period. Core Scientific comprises 2.2% of Jericho Capital Asset Management L.P.’s portfolio, making the stock its 19th biggest position. Jericho Capital Asset Management L.P.’s holdings in Core Scientific were worth $189,842,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of analysts have commented on CORZ shares. Jefferies Financial Group lifted their price target on Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Wall Street Zen upgraded Core Scientific to a “sell” rating in a research note on Saturday, March 14th. Loop Capital set a $40.00 target price on Core Scientific in a report on Friday, June 12th. LADENBURG THALM/SH SH dropped their target price on Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Finally, HC Wainwright reiterated a “buy” rating and issued a $25.00 price target on shares of Core Scientific in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Core Scientific has a consensus rating of “Moderate Buy” and an average price target of $29.49.

Core Scientific Price Performance

CORZ opened at $28.38 on Thursday. The firm has a fifty day moving average price of $23.49 and a 200 day moving average price of $19.10. Core Scientific, Inc. has a 1 year low of $10.93 and a 1 year high of $30.46. The stock has a market cap of $9.02 billion, a P/E ratio of -24.89 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The company had revenue of $115.24 million for the quarter, compared to the consensus estimate of $117.04 million. During the same quarter in the previous year, the company posted $1.25 EPS. The business’s revenue for the quarter was up 44.9% compared to the same quarter last year. Equities analysts expect 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, June 15th. The stock was sold at an average price of $28.19, for a total transaction of $281,900.00. Following the sale, the insider directly owned 2,058,895 shares in the company, valued at $58,040,250.05. This trade represents a 0.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders have sold 80,000 shares of company stock worth $1,746,300. Corporate 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.