Jericho Capital Asset Management L.P. Buys 1,338,796 Shares of Core Scientific, Inc. $CORZ

Jericho Capital Asset Management L.P. lifted its stake in Core Scientific, Inc. (NASDAQ:CORZ) by 11.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,038,619 shares of the company’s stock after buying an additional 1,338,796 shares during the quarter. Core Scientific makes up about 2.2% of Jericho Capital Asset Management L.P.’s investment portfolio, making the stock its 19th largest position. Jericho Capital Asset Management L.P. owned about 4.21% of Core Scientific worth $189,842,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in CORZ. Vanguard Group Inc. grew its holdings in Core Scientific by 18.7% during the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock valued at $494,462,000 after buying an additional 5,359,710 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Core Scientific during the 4th quarter worth approximately $1,252,000. Kintayl Capital LP purchased a new stake in shares of Core Scientific during the 3rd quarter worth approximately $10,227,000. Nations Financial Group Inc. IA ADV bought a new position in shares of Core Scientific during the 4th quarter valued at approximately $2,980,000. Finally, Trivest Advisors Ltd bought a new position in shares of Core Scientific during the 3rd quarter valued at approximately $6,557,000.

Wall Street Analysts Forecast Growth

CORZ has been the topic of several research reports. Wall Street Zen upgraded shares of Core Scientific to a “sell” rating in a research report on Saturday, March 14th. Sanford C. Bernstein reiterated an “outperform” rating and set a $32.00 price objective on shares of Core Scientific in a research report on Wednesday, June 3rd. Freedom Capital upgraded shares of Core Scientific to a “hold” rating in a report on Monday. HC Wainwright restated a “buy” rating and set a $25.00 target price on shares of Core Scientific in a research report on Tuesday, March 3rd. Finally, Lucid Cap Mkts raised Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. 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 given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.49.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $28.19, for a total transaction of $281,900.00. Following the completion of the sale, the insider 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 80,000 shares of company stock valued at $1,746,300. Company insiders own 1.70% of the company’s stock.

Core Scientific Price Performance

Core Scientific stock opened at $28.38 on Thursday. The firm has a market capitalization of $9.02 billion, a P/E ratio of -24.89 and a beta of 5.49. Core Scientific, Inc. has a 1-year low of $10.93 and a 1-year high of $30.46. The company’s 50-day moving average is $23.49 and its 200 day moving average is $19.10.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate 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 in the previous year, the business earned $1.25 EPS. Core Scientific’s revenue for the quarter was up 44.9% on a year-over-year basis. Research analysts anticipate that Core Scientific, Inc. will post 0.08 earnings per share for the current fiscal 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.