BIT Capital GmbH Lowers Holdings in Core Scientific, Inc. (NASDAQ:CORZ)

BIT Capital GmbH cut its position in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 95.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 59,919 shares of the company’s stock after selling 1,349,120 shares during the period. BIT Capital GmbH’s holdings in Core Scientific were worth $842,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the company. Wellington Shields & Co. LLC purchased a new position in Core Scientific during the fourth quarter valued at $26,000. First Horizon Advisors Inc. acquired a new position in Core Scientific in the fourth quarter valued at approximately $34,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Core Scientific during the 4th quarter worth $42,000. Vestcor Inc purchased a new position in Core Scientific during the fourth quarter worth about $66,000. Finally, US Bancorp DE purchased a new position in shares of Core Scientific during the 4th quarter worth approximately $99,000.

Core Scientific Price Performance

Core Scientific stock opened at $7.63 on Thursday. The stock’s 50 day moving average price is $11.17 and its 200 day moving average price is $13.13. Core Scientific, Inc. has a 1-year low of $2.61 and a 1-year high of $18.63. The company has a market cap of $2.24 billion, a PE ratio of -1.41 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.09. The company had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. On average, equities research analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. BTIG Research raised their target price on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, December 16th. Needham & Company LLC reduced their price objective on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. HC Wainwright reissued a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Tuesday, March 11th. Compass Point reduced their price target on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Finally, Cantor Fitzgerald reduced their price objective on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $19.07.

Insider Buying and Selling

In other Core Scientific news, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the sale, the chief executive officer now directly owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. The trade was a 8.96 % 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 this link. Also, insider Todd M. Duchene sold 25,277 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $410,498.48. Following the completion of the sale, the insider now directly owns 2,023,423 shares in the company, valued at $32,860,389.52. This trade represents a 1.23 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 748,282 shares of company stock valued at $10,978,104. Corporate insiders own 32.00% of the company’s stock.

Core Scientific Company Profile

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.