Highland Peak Capital LLC Cuts Stock Position in Core Scientific, Inc. (NASDAQ:CORZ)

Highland Peak Capital LLC cut its holdings in Core Scientific, Inc. (NASDAQ:CORZ) by 7.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 382,608 shares of the company’s stock after selling 30,976 shares during the quarter. Core Scientific accounts for 2.9% of Highland Peak Capital LLC’s investment portfolio, making the stock its 13th largest position. Highland Peak Capital LLC owned about 0.14% of Core Scientific worth $5,376,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. First Horizon Advisors Inc. purchased a new stake in Core Scientific during the 4th quarter worth about $34,000. Newbridge Financial Services Group Inc. purchased a new stake in Core Scientific during the 4th quarter worth about $42,000. US Bancorp DE purchased a new stake in Core Scientific during the 4th quarter worth about $99,000. KBC Group NV purchased a new stake in Core Scientific during the 4th quarter worth about $114,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Core Scientific during the 4th quarter worth about $124,000.

Core Scientific Stock Performance

Shares of NASDAQ CORZ opened at $7.78 on Monday. Core Scientific, Inc. has a 1 year low of $2.61 and a 1 year high of $18.63. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of -1.44 and a beta of 6.83. The stock’s 50-day simple moving average is $12.65 and its 200-day simple moving average is $13.30.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. As a group, research analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Buying and Selling at Core Scientific

In related news, Director Jordan Levy bought 62,500 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was bought at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the purchase, the director now directly owns 306,887 shares in the company, valued at approximately $2,458,164.87. The trade was a 25.57 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $6,004,122.88. Following the transaction, the chief executive officer now owns 3,758,793 shares of the company’s stock, valued at approximately $61,042,798.32. This represents a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 748,282 shares of company stock worth $10,978,104 over the last ninety days. Company insiders own 32.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CORZ. Macquarie upped their price objective on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research report on Thursday, February 27th. Needham & Company LLC decreased their price objective on Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Canaccord Genuity Group reissued a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research note on Thursday, February 27th. Finally, Roth Capital raised Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $19.07.

About Core Scientific

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.