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

Pictet Asset Management Holding SA lowered its position in Core Scientific, Inc. (NASDAQ:CORZ) by 41.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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.

Several other hedge funds and other institutional investors have also made changes to their positions in CORZ. Vanguard Group Inc. increased 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 acquiring an additional 5,359,710 shares in the last quarter. Situational Awareness LP lifted its holdings in shares of Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after purchasing an additional 8,575,944 shares in the last quarter. Jericho Capital Asset Management L.P. lifted its holdings in shares of Core Scientific by 11.4% in 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 purchasing an additional 1,338,796 shares in the last quarter. Value Aligned Research Advisors LLC acquired a new stake in shares of Core Scientific in the fourth quarter valued at approximately $117,786,000. Finally, Geode Capital Management LLC grew 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 valued at $111,417,000 after purchasing an additional 109,145 shares during the last quarter.

Core Scientific Stock Up 1.0%

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

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CORZ shares. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a research report on Monday, April 20th. Canaccord Genuity Group set a $30.00 price target on Core Scientific in a research report on Friday, May 8th. Wall Street Zen raised Core Scientific to a “sell” rating in a report on Saturday, March 14th. Sanford C. Bernstein restated an “outperform” rating and issued a $32.00 price objective on shares of Core Scientific in a research report on Wednesday, June 3rd. Finally, Loop Capital set a $40.00 price objective on Core Scientific in a research note on Friday, June 12th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $29.78.

Insider Activity

In related news, insider Todd M. Duchene sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The shares were 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. The trade was a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 90,000 shares of company stock valued at $2,209,800 over the last 90 days. 1.70% of the stock is currently owned by company insiders.

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.