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

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction on Monday, August 24th. The stock was sold at an average price of $17.45, for a total transaction of $174,500.00. Following the sale, the insider directly owned 1,937,896 shares of the company’s stock, valued at $33,816,285.20. This represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Core Scientific Stock Down 3.4%

Core Scientific stock opened at $17.42 on Thursday. The firm has a fifty day simple moving average of $22.33 and a two-hundred day simple moving average of $21.04. Core Scientific, Inc. has a twelve month low of $13.14 and a twelve month high of $30.46. The company has a market capitalization of $5.60 billion, a PE ratio of -3.94 and a beta of 5.59.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The business had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. As a group, equities analysts expect that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP boosted its stake in Core Scientific by 206.5% in the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after purchasing an additional 950 shares in the last quarter. CoreCap Advisors LLC acquired a new position in Core Scientific during the 2nd quarter valued at approximately $36,000. Rakuten Securities Inc. purchased a new position in shares of Core Scientific in the second quarter worth $47,000. Larson Financial Group LLC raised its holdings in shares of Core Scientific by 936.7% in the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after buying an additional 1,686 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its stake in shares of Core Scientific by 112.1% during the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after buying an additional 1,066 shares during the period.

Wall Street Analyst Weigh In

Several research firms have commented on CORZ. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a report on Friday, July 17th. Jefferies Financial Group boosted their target price on shares of Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Keefe, Bruyette & Woods upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $25.00 to $28.00 in a research note on Thursday, July 30th. Needham & Company LLC increased their price target on Core Scientific from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and issued a $32.00 target price on shares of Core Scientific in a research report on Wednesday, June 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $32.18.

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.