Helix Partners Management LP Trims Holdings in Core Scientific, Inc. $CORZ

Helix Partners Management LP cut its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 21.2% during the first quarter, HoldingsChannel reports. The firm owned 4,411,000 shares of the company’s stock after selling 1,189,000 shares during the quarter. Core Scientific comprises 17.7% of Helix Partners Management LP’s holdings, making the stock its largest position. Helix Partners Management LP’s holdings in Core Scientific were worth $65,989,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. AQR Capital Management LLC boosted its holdings in shares of Core Scientific by 106.1% in the 1st quarter. AQR Capital Management LLC now owns 283,432 shares of the company’s stock worth $2,052,000 after purchasing an additional 145,905 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Core Scientific by 180.9% during the 1st 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 period. Cetera Investment Advisers raised its holdings in Core Scientific by 200.0% during the 2nd quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock valued at $663,000 after buying an additional 25,878 shares during the period. Franklin Resources Inc. purchased a new stake in Core Scientific during the 2nd quarter valued at $181,000. Finally, Russell Investments Group Ltd. lifted its position in Core Scientific by 61.9% in the second quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock worth $67,000 after buying an additional 1,507 shares during the last quarter.

Core Scientific Stock Performance

Core Scientific stock opened at $22.75 on Friday. The company has a 50 day moving average price of $25.42 and a 200-day moving average price of $20.68. Core Scientific, Inc. has a fifty-two week low of $12.60 and a fifty-two week high of $30.46. The company has a market capitalization of $7.23 billion, a PE ratio of -19.96 and a beta of 5.50.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The company had revenue of $115.24 million during the quarter, compared to analysts’ expectations of $117.04 million. During the same period last year, the firm earned $1.25 EPS. The business’s revenue for the quarter was up 44.9% compared to the same quarter last year. On average, analysts forecast that Core Scientific, Inc. will post 0.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on CORZ. Lucid Cap Mkts raised shares of Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. BTIG Research increased their target price on shares of Core Scientific from $33.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Sanford C. Bernstein reissued an “outperform” rating and issued a $32.00 target price on shares of Core Scientific in a research note on Wednesday, June 3rd. Loop Capital set a $40.00 target price on shares of Core Scientific in a report on Friday, June 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.39.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $22.63, for a total value of $226,300.00. Following the completion of the sale, the insider directly owned 2,023,426 shares in the company, valued at approximately $45,790,130.38. This represents a 0.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders sold 80,000 shares of company stock worth $2,011,800. 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.