Jennison Associates LLC Invests $14.08 Million in Core Scientific, Inc. $CORZ

Jennison Associates LLC acquired a new position in shares of Core Scientific, Inc. (NASDAQ:CORZ) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 966,709 shares of the company’s stock, valued at approximately $14,075,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CORZ. Jericho Capital Asset Management L.P. acquired a new stake in shares of Core Scientific during the 3rd quarter worth approximately $209,895,000. Oaktree Capital Management LP acquired a new stake in shares of Core Scientific during the 3rd quarter worth approximately $114,829,000. Vanguard Group Inc. grew its stake in shares of Core Scientific by 18.7% during the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after purchasing an additional 5,359,710 shares during the period. Situational Awareness LP grew its stake in shares of Core Scientific by 76.8% during the 2nd quarter. Situational Awareness LP now owns 7,994,038 shares of the company’s stock worth $136,458,000 after purchasing an additional 3,472,460 shares during the period. Finally, Goodlander Investment Management LLC acquired a new stake in shares of Core Scientific during the 2nd quarter worth approximately $34,994,000.

Core Scientific Price Performance

Shares of NASDAQ:CORZ opened at $20.35 on Friday. Core Scientific, Inc. has a 1 year low of $8.39 and a 1 year high of $23.63. The firm has a market capitalization of $6.42 billion, a price-to-earnings ratio of 17.39 and a beta of 5.47. The business’s 50 day moving average price is $17.41 and its 200-day moving average price is $17.43.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Monday, March 2nd. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. The business had revenue of $79.76 million for the quarter, compared to analysts’ expectations of $118.45 million. The company’s quarterly revenue was down 16.0% on a year-over-year basis. During the same quarter last year, the business earned ($0.69) EPS. On average, sell-side analysts expect that Core Scientific, Inc. will post 0.07 earnings per share for the current year.

Analyst Ratings Changes

CORZ has been the topic of a number of analyst reports. Canaccord Genuity Group raised their price objective on shares of Core Scientific from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. Wall Street Zen upgraded Core Scientific to a “sell” rating in a research report on Saturday, March 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research report on Monday, April 20th. LADENBURG THALM/SH SH decreased 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, Keefe, Bruyette & Woods increased their target price on Core Scientific from $19.00 to $25.00 and gave the company a “moderate buy” rating in a research report on Tuesday, January 27th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $25.07.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $20.94, for a total value of $209,400.00. Following the transaction, the insider owned 1,990,348 shares in the company, valued at approximately $41,677,887.12. This trade represents a 0.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 40,000 shares of company stock valued at $724,800. Company insiders own 1.70% of the company’s stock.

Core Scientific Company 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.