Ionic Capital Management LLC Reduces Position in Core Scientific, Inc. $CORZ

Ionic Capital Management LLC cut its holdings in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 70.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 25,000 shares of the company’s stock after selling 60,000 shares during the quarter. Ionic Capital Management LLC’s holdings in Core Scientific were worth $364,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock valued at $494,462,000 after purchasing an additional 5,359,710 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in Core Scientific during the fourth quarter valued at about $1,252,000. Kintayl Capital LP purchased a new stake in Core Scientific during the third quarter valued at about $10,227,000. Nations Financial Group Inc. IA ADV purchased a new stake in Core Scientific during the fourth quarter valued at about $2,980,000. Finally, Trivest Advisors Ltd purchased a new stake in Core Scientific during the third quarter valued at about $6,557,000.

Core Scientific Trading Up 1.1%

CORZ stock opened at $28.38 on Thursday. The company’s 50 day moving average is $23.49 and its 200 day moving average is $19.10. The stock has a market cap of $9.02 billion, a price-to-earnings ratio of -24.89 and a beta of 5.49. Core Scientific, Inc. has a 1-year low of $10.93 and a 1-year high of $30.46.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $117.04 million. The company’s revenue was up 44.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 EPS. As a group, sell-side analysts forecast that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CORZ. Freedom Capital raised shares of Core Scientific to a “hold” rating in a report on Monday. Wall Street Zen raised shares of Core Scientific to a “sell” rating in a report on Saturday, March 14th. LADENBURG THALM/SH SH lowered their price target on shares of Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Sanford C. Bernstein reissued an “outperform” rating and issued a $32.00 price target on shares of Core Scientific in a report on Wednesday, June 3rd. Finally, B. Riley Financial increased their price target on shares of Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Core Scientific has a consensus rating of “Moderate Buy” and a consensus price target of $29.49.

Insider Buying and Selling at Core Scientific

In related news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $28.19, for a total value of $281,900.00. Following the transaction, the insider directly owned 2,058,895 shares in the company, valued at approximately $58,040,250.05. This represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 80,000 shares of company stock valued at $1,746,300 in the last quarter. 1.70% of the stock is currently owned by corporate insiders.

Core Scientific Company 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.