Core Scientific (NASDAQ:CORZ) Insider Sells $167,600.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $16.76, for a total transaction of $167,600.00. Following the completion of the sale, the insider owned 1,187,896 shares of the company’s stock, valued at approximately $19,909,136.96. The trade was a 0.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Core Scientific Trading Up 0.6%

Shares of CORZ stock opened at $16.45 on Friday. The stock has a 50 day simple moving average of $18.49 and a 200-day simple moving average of $21.08. The company has a market cap of $5.29 billion, a price-to-earnings ratio of -3.72 and a beta of 5.48. Core Scientific, Inc. has a 12-month low of $13.35 and a 12-month high of $30.46.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The company had revenue of $164.20 million during the quarter, compared to analysts’ expectations of $144.83 million. On average, equities analysts forecast that Core Scientific, Inc. will post -1.36 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. Engineers Gate Manager LP purchased a new position in shares of Core Scientific during the 2nd quarter worth approximately $1,671,000. Squarepoint Ops LLC increased its position in Core Scientific by 64.1% during the second quarter. Squarepoint Ops LLC now owns 2,686,177 shares of the company’s stock worth $68,739,000 after buying an additional 1,049,678 shares in the last quarter. Arizona State Retirement System increased its position in Core Scientific by 2.3% during the second quarter. Arizona State Retirement System now owns 69,666 shares of the company’s stock worth $1,783,000 after buying an additional 1,533 shares in the last quarter. Nykredit A S acquired a new position in shares of Core Scientific in the second quarter worth $263,000. Finally, Parkside Financial Bank & Trust raised its holdings in shares of Core Scientific by 1,371.3% in the second quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock worth $30,000 after acquiring an additional 1,097 shares during the last quarter.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. BTIG Research restated a “buy” rating and set a $38.00 target price on shares of Core Scientific in a research report on Tuesday, July 28th. Lucid Cap Mkts raised shares of Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. B. Riley Financial lifted their price target on shares of Core Scientific from $33.00 to $42.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Finally, Capital One Financial set a $33.00 price target on Core Scientific in a research note on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Core Scientific has a consensus rating of “Moderate Buy” and a consensus target price of $30.86.

About Core Scientific

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers in the United States. Its business has historically centered on cryptocurrency mining, particularly the processing of transactions on the Bitcoin network, while also providing hosting and infrastructure services to other mining and technology customers.

The company is expanding its data center capabilities to support high-performance computing and artificial intelligence workloads. Its services include data center operations, power and equipment management, hosting, and related infrastructure support for customers that require substantial computing capacity.

Core Scientific was founded in 2017 and became a publicly traded company through a business combination in 2022.