Marnell Management LLC Makes New Investment in Core Scientific, Inc. $CORZ

Marnell Management LLC bought a new position in Core Scientific, Inc. (NASDAQ:CORZ) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 221,872 shares of the company’s stock, valued at approximately $3,230,000. Core Scientific accounts for approximately 1.6% of Marnell Management LLC’s portfolio, making the stock its 18th largest holding.

A number of other large investors have also added to or reduced their stakes in CORZ. Allworth Financial LP raised its holdings in Core Scientific by 206.5% in the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after purchasing an additional 950 shares in the last quarter. Larson Financial Group LLC boosted its holdings in Core Scientific by 936.7% in the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after acquiring an additional 1,686 shares in the last quarter. Osaic Holdings Inc. boosted its holdings 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 in the last quarter. Danske Bank A S acquired a new stake in Core Scientific in the fourth quarter worth about $36,000. Finally, State of Wyoming acquired a new stake in Core Scientific in the fourth quarter worth about $66,000.

Core Scientific Price Performance

Core Scientific stock opened at $27.60 on Monday. Core Scientific, Inc. has a 52 week low of $10.93 and a 52 week high of $30.46. The company has a market capitalization of $8.77 billion, a price-to-earnings ratio of -24.21 and a beta of 5.49. The stock has a 50-day moving average price of $22.77 and a 200 day moving average price of $18.84.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, May 6th. The company reported ($1.06) 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 business earned $1.25 earnings per share. The firm’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 EPS for the current fiscal year.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $26.85, for a total transaction of $268,500.00. Following the completion of the sale, the insider owned 2,068,895 shares of the company’s stock, valued at $55,549,830.75. The trade was a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 70,000 shares of company stock worth $1,464,400 over the last three months. Insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Canaccord Genuity Group set a $30.00 price target on Core Scientific in a report on Friday, May 8th. Loop Capital set a $40.00 price target on Core Scientific in a report on Friday. LADENBURG THALM/SH SH lowered their price target on Core Scientific from $24.50 to $23.75 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Jefferies Financial Group raised their price target on Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Finally, Needham & Company LLC raised their price target on Core Scientific from $23.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.49.

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.