Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells 10,000 Shares of Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $26.17, for a total transaction of $261,700.00. Following the completion of the transaction, the insider directly owned 2,038,895 shares in the company, valued at approximately $53,357,882.15. The trade was a 0.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Core Scientific Stock Down 7.3%

CORZ stock traded down $1.88 during midday trading on Wednesday, reaching $23.71. 17,964,302 shares of the company’s stock traded hands, compared to its average volume of 11,138,318. Core Scientific, Inc. has a 52-week low of $12.42 and a 52-week high of $30.46. The stock’s 50-day moving average is $25.24 and its 200 day moving average is $19.84.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate 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. During the same quarter in the previous year, the company earned $1.25 EPS. Core Scientific’s revenue was up 44.9% on a year-over-year basis. On average, research analysts expect that Core Scientific, Inc. will post 0.08 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CORZ. B. Riley Financial upped their price objective on Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a research report on Monday, April 20th. Wall Street Zen raised shares of Core Scientific to a “sell” rating in a research note on Saturday, March 14th. HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of Core Scientific in a research note on Tuesday, March 3rd. Finally, Needham & Company LLC raised their price target on shares of Core Scientific from $23.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.78.

Institutional Trading of Core Scientific

Several hedge funds and other institutional investors have recently bought and sold shares of CORZ. Vanguard Group Inc. lifted its position in shares of Core Scientific by 18.7% in the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock valued at $494,462,000 after acquiring an additional 5,359,710 shares in the last quarter. Situational Awareness LP grew its holdings in shares of Core Scientific by 42.5% during the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after purchasing an additional 8,575,944 shares during the period. Jericho Capital Asset Management L.P. increased its position in shares of Core Scientific by 11.4% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock valued at $189,842,000 after acquiring an additional 1,338,796 shares during the last quarter. Value Aligned Research Advisors LLC acquired a new stake in Core Scientific in the 4th quarter valued at approximately $117,786,000. Finally, Geode Capital Management LLC grew its stake in shares of Core Scientific by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock valued at $111,417,000 after buying an additional 109,145 shares in the last quarter.

Core Scientific Company Profile

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.