Pictet Asset Management Holding SA Cuts Position in Core Scientific, Inc. $CORZ

Pictet Asset Management Holding SA reduced its position in Core Scientific, Inc. (NASDAQ:CORZ) by 41.8% during the 1st quarter, HoldingsChannel.com reports. The firm owned 41,639 shares of the company’s stock after selling 29,886 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Core Scientific were worth $623,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in 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 in the last quarter. Situational Awareness LP lifted its position in Core Scientific by 42.5% during the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after buying an additional 8,575,944 shares in the last quarter. Jericho Capital Asset Management L.P. lifted its position in Core Scientific by 11.4% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock valued at $189,842,000 after buying an additional 1,338,796 shares in the last quarter. Value Aligned Research Advisors LLC purchased a new stake in Core Scientific during the fourth quarter worth approximately $117,786,000. Finally, Geode Capital Management LLC increased its position in shares of Core Scientific by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock worth $111,417,000 after acquiring an additional 109,145 shares in the last quarter.

Analysts Set New Price Targets

CORZ has been the topic of a number of research reports. Canaccord Genuity Group set a $30.00 target price on shares of Core Scientific in a research note on Friday, May 8th. Freedom Capital raised shares of Core Scientific to a “hold” rating in a research report on Monday, June 15th. Lucid Cap Mkts raised Core Scientific to a “strong-buy” rating in a research report on Friday, June 12th. Sanford C. Bernstein reissued an “outperform” rating and issued a $32.00 price objective on shares of Core Scientific in a research report on Wednesday, June 3rd. Finally, Needham & Company LLC boosted their price objective on Core Scientific from $23.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $29.78.

Insiders Place Their Bets

In other news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $22.63, for a total transaction of $226,300.00. Following the completion of the sale, the insider directly owned 2,023,426 shares in the company, valued at $45,790,130.38. This trade represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 90,000 shares of company stock valued at $2,209,800. Corporate insiders own 1.70% of the company’s stock.

Core Scientific Trading Up 1.0%

NASDAQ CORZ opened at $23.74 on Friday. The stock has a market cap of $7.55 billion, a P/E ratio of -20.82 and a beta of 5.50. The company’s fifty day simple moving average is $25.44 and its 200-day simple moving average is $20.15. Core Scientific, Inc. has a 52 week low of $12.42 and a 52 week high of $30.46.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results 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 company had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. During the same period last year, the firm posted $1.25 earnings per share. The company’s quarterly revenue was up 44.9% on a year-over-year basis. On average, research analysts expect that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.

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.