Todd Duchene Sells 10,000 Shares of Core Scientific (NASDAQ:CORZ) Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, June 15th. The stock was 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 $58,040,250.05. This represents a 0.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Core Scientific Stock Performance

Shares of NASDAQ CORZ opened at $29.16 on Friday. The firm has a market capitalization of $9.27 billion, a P/E ratio of -25.58 and a beta of 5.49. Core Scientific, Inc. has a one year low of $10.93 and a one year high of $30.46. The company’s fifty day moving average is $23.74 and its two-hundred day moving average is $19.19.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. The firm’s revenue for the quarter was up 44.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.25 earnings per share. On average, sell-side analysts forecast that Core Scientific, Inc. will post 0.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Core Scientific

Hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its holdings in shares of Core Scientific by 106.1% in the first quarter. AQR Capital Management LLC now owns 283,432 shares of the company’s stock valued at $2,052,000 after purchasing an additional 145,905 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Core Scientific by 180.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company’s stock worth $8,032,000 after purchasing an additional 714,388 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of Core Scientific by 200.0% during the 2nd quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock worth $663,000 after purchasing an additional 25,878 shares in the last quarter. Franklin Resources Inc. acquired a new position in shares of Core Scientific during the 2nd quarter worth approximately $181,000. Finally, Russell Investments Group Ltd. raised its position in shares of Core Scientific by 61.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock worth $67,000 after purchasing an additional 1,507 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CORZ shares. Jefferies Financial Group increased their target price on shares of Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Freedom Capital raised Core Scientific to a “hold” rating in a research note on Monday. LADENBURG THALM/SH SH lowered their price target on Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. B. Riley Financial raised their price objective on Core Scientific from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Finally, BTIG Research lifted their price objective on Core Scientific from $23.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Core Scientific currently has an average rating of “Moderate Buy” and a consensus target price of $29.49.

About Core Scientific

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.