Core Scientific (NASDAQ:CORZ) Shares Gap Down Following Insider Selling

Core Scientific, Inc. (NASDAQ:CORZ) gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $14.24, but opened at $13.11. Core Scientific shares last traded at $12.9260, with a volume of 3,974,783 shares traded.

Specifically, insider Todd DuChene sold 10,000 shares of the stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $12.78, for a total transaction of $127,800.00. Following the completion of the transaction, the insider owned 1,123,286 shares of the company’s stock, valued at $14,355,595.08. This trade represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CORZ. Keefe, Bruyette & Woods raised Core Scientific from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $25.00 to $28.00 in a research report on Thursday, July 30th. Citigroup reaffirmed a “market outperform” rating on shares of Core Scientific in a research report on Wednesday, October 14th. Canaccord Genuity Group reissued a “buy” rating and issued a $36.00 price target on shares of Core Scientific in a research report on Thursday, October 15th. Capital One Financial set a $33.00 price objective on Core Scientific in a report on Thursday, July 30th. Finally, Compass Point reiterated a “buy” rating and issued a $36.00 price objective on shares of Core Scientific in a research note on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Core Scientific presently has an average rating of “Moderate Buy” and an average price target of $30.54.

Key Stories Impacting Core Scientific

Here are the key news stories impacting Core Scientific this week:

• Positive Sentiment: Core Scientific reported Q3 earnings of $0.47 per share, versus analysts’ expected loss, and revenue of $232.87 million, ahead of estimates near $196.5 million. The results also marked an improvement from a $0.46-per-share loss a year earlier, providing a clear fundamental boost to sentiment. Zacks Q3 earnings report
• Neutral Sentiment: Needham lowered its price target from $35 to $28 but maintained a Buy rating. The reduced target is a cautious adjustment, while the continued Buy rating signals the analyst still sees meaningful upside. The item was attributed to Benzinga; no article link was provided.
• Negative Sentiment: Insider Todd DuChene sold 10,000 shares for about $127,800. The sale was a small reduction—less than 1% of his holdings—but insider selling can weigh modestly on sentiment. Insider sale report

Core Scientific Stock Performance

The business’s fifty day simple moving average is $15.80 and its 200 day simple moving average is $19.52. The stock has a market cap of $3.75 billion, a price-to-earnings ratio of -2.64 and a beta of 5.56.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Thursday, November 5th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.54. The company had revenue of $232.87 million during the quarter, compared to the consensus estimate of $196.54 million. As a group, analysts forecast that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Core Scientific

Hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC raised its position in shares of Core Scientific by 125.0% in the 3rd quarter. Parallel Advisors LLC now owns 1,800 shares of the company’s stock valued at $29,000 after buying an additional 1,000 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in Core Scientific by 1,371.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock valued at $30,000 after purchasing an additional 1,097 shares during the last quarter. CoreCap Advisors LLC acquired a new position in Core Scientific in the 2nd quarter worth about $36,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Core Scientific during the 3rd quarter worth approximately $42,000. Finally, Rakuten Securities Inc. bought a new stake in Core Scientific in the second quarter valued at approximately $47,000.

About Core Scientific

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.