Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $124,500.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $12.45, for a total transaction of $124,500.00. Following the completion of the sale, the insider directly owned 1,113,286 shares of the company’s stock, valued at $13,860,410.70. The trade was a 0.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Core Scientific Stock Up 1.0%

Shares of NASDAQ CORZ traded up $0.14 during midday trading on Friday, reaching $14.52. 19,998,097 shares of the company’s stock traded hands, compared to its average volume of 17,799,004. The stock’s 50 day simple moving average is $15.39 and its 200-day simple moving average is $19.36. Core Scientific, Inc. has a one year low of $10.59 and a one year high of $30.46. The company has a market cap of $4.68 billion, a price-to-earnings ratio of -4.16 and a beta of 5.56.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.52. The company had revenue of $232.87 million for the quarter, compared to analyst estimates of $196.54 million. Core Scientific had a negative net margin of 18.31% and a negative return on equity of 70.05%. Equities analysts predict that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CORZ has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $39.00 target price on shares of Core Scientific in a research report on Wednesday, October 14th. Needham & Company LLC reduced their price target on Core Scientific from $35.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, November 6th. UBS Group restated a “market outperform” rating on shares of Core Scientific in a research note on Wednesday, October 14th. Wolfe Research reaffirmed a “buy” rating on shares of Core Scientific in a research report on Wednesday, July 29th. Finally, BTIG Research reiterated a “buy” rating and issued a $38.00 target price on shares of Core Scientific in a research note on Thursday, October 15th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $30.32.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CORZ. Empowered Funds LLC purchased a new stake in shares of Core Scientific during the third quarter worth about $173,000. Hartree Partners LP increased its holdings in shares of Core Scientific by 13,375.8% during the third quarter. Hartree Partners LP now owns 539,034 shares of the company’s stock valued at $8,614,000 after acquiring an additional 535,034 shares in the last quarter. HighVista Strategies LLC raised its position in shares of Core Scientific by 37.6% in the 3rd quarter. HighVista Strategies LLC now owns 104,185 shares of the company’s stock valued at $1,665,000 after purchasing an additional 28,473 shares during the last quarter. First Trust Advisors LP raised its position in shares of Core Scientific by 144.6% in the 3rd quarter. First Trust Advisors LP now owns 340,819 shares of the company’s stock valued at $5,446,000 after purchasing an additional 201,508 shares during the last quarter. Finally, Creek Drive Management Group LLC raised its position in shares of Core Scientific by 200.0% in the 3rd quarter. Creek Drive Management Group LLC now owns 210,000 shares of the company’s stock valued at $3,356,000 after purchasing an additional 140,000 shares during the last quarter.

Core Scientific Company Profile

Core Scientific, Inc. is a U.S.-based digital infrastructure company that operates data centers and provides computing services. Its business includes mining bitcoin, which involves using specialized computers to help process transactions and secure the Bitcoin network, as well as hosting equipment for third-party mining customers. The company also provides data center infrastructure for high-performance computing workloads, including artificial intelligence applications. Its facilities and services are designed to support the power, cooling, and computing needs of these operations.