Wellington Management Group LLP Sells 14,615 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Wellington Management Group LLP lowered its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 57.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,711 shares of the company’s stock after selling 14,615 shares during the period. Wellington Management Group LLP’s holdings in Core Scientific were worth $150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of CORZ. FMR LLC increased its position in Core Scientific by 2,937.7% in the fourth quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after purchasing an additional 7,191,428 shares during the last quarter. Vanguard Group Inc. increased its position in Core Scientific by 54.3% in the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock worth $272,270,000 after purchasing an additional 6,819,406 shares during the last quarter. Helix Partners Management LP bought a new stake in Core Scientific in the fourth quarter worth $86,498,000. Driehaus Capital Management LLC increased its position in Core Scientific by 112.1% in the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock worth $144,212,000 after purchasing an additional 5,424,901 shares during the last quarter. Finally, Fred Alger Management LLC bought a new stake in Core Scientific in the fourth quarter worth $62,011,000.

Insiders Place Their Bets

In other Core Scientific news, Director Yadin Rozov bought 110,000 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The shares were purchased at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the transaction, the director now directly owns 475,687 shares of the company’s stock, valued at approximately $5,170,717.69. This represents a 30.08% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Todd M. Duchene sold 60,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $11.33, for a total value of $679,800.00. Following the transaction, the insider now owns 2,100,102 shares in the company, valued at $23,794,155.66. This trade represents a 2.78% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.

Core Scientific Price Performance

NASDAQ:CORZ opened at $12.19 on Monday. Core Scientific, Inc. has a 1-year low of $6.20 and a 1-year high of $18.63. The company has a 50-day moving average of $8.97 and a 200 day moving average of $11.47. The firm has a market cap of $3.63 billion, a PE ratio of -2.25 and a beta of 6.30.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. During the same quarter in the prior year, the firm posted $0.78 earnings per share. The business’s revenue for the quarter was down 55.6% compared to the same quarter last year. Sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CORZ has been the topic of several research reports. Cantor Fitzgerald reduced their price target on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. HC Wainwright restated a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research report on Tuesday, March 11th. Oppenheimer initiated coverage on shares of Core Scientific in a research report on Wednesday, May 14th. They issued an “outperform” rating and a $15.00 price target on the stock. Citigroup initiated coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They set an “outperform” rating for the company. Finally, JMP Securities initiated coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They set a “market outperform” rating and a $15.00 price objective for the company. Eighteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Core Scientific currently has an average rating of “Buy” and an average target price of $18.33.

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.