Insider Buying: Core Scientific (NASDAQ:CORZ) Director Buys $134,330.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) Director Eric Stanton Weiss acquired 7,000 shares of Core Scientific stock in a transaction on Tuesday, August 18th. The shares were bought at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the purchase, the director directly owned 259,262 shares in the company, valued at $4,975,237.78. The trade was a 2.77% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Core Scientific Price Performance

Shares of CORZ stock opened at $17.81 on Friday. The firm has a fifty day moving average of $22.97 and a two-hundred day moving average of $20.99. The firm has a market cap of $5.72 billion, a P/E ratio of -4.03 and a beta of 5.59. Core Scientific, Inc. has a 1-year low of $13.14 and a 1-year high of $30.46.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. On average, sell-side analysts expect that Core Scientific, Inc. will post -1.36 EPS for the current year.

Wall Street Analyst Weigh In

CORZ has been the topic of several research reports. Canaccord Genuity Group upped their price objective on Core Scientific from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. B. Riley Financial lifted their target price on Core Scientific from $33.00 to $42.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Wolfe Research reiterated a “buy” rating on shares of Core Scientific in a report on Wednesday, July 29th. Lucid Cap Mkts upgraded Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $32.18.

Institutional Trading of Core Scientific

Several hedge funds have recently bought and sold shares of the company. Rose Capital Advisors LLC acquired a new position in Core Scientific during the 2nd quarter valued at about $324,000. AlphaGrep UK Ltd acquired a new stake in shares of Core Scientific in the second quarter valued at approximately $223,000. Concurrent Investment Advisors LLC increased its stake in shares of Core Scientific by 10.6% in the second quarter. Concurrent Investment Advisors LLC now owns 401,348 shares of the company’s stock valued at $10,270,000 after purchasing an additional 38,497 shares during the period. AXQ Capital LP raised its holdings in shares of Core Scientific by 122.7% during the second quarter. AXQ Capital LP now owns 55,149 shares of the company’s stock valued at $1,411,000 after buying an additional 30,380 shares during the last quarter. Finally, Nykredit A S bought a new stake in shares of Core Scientific during the second quarter valued at approximately $263,000.

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.