Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $138,700.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, October 19th. The stock was sold at an average price of $13.87, for a total transaction of $138,700.00. Following the transaction, the insider directly owned 1,143,286 shares in the company, valued at approximately $15,857,376.82. This represents a 0.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Core Scientific Stock Down 7.4%

Shares of CORZ opened at $13.20 on Friday. The firm has a market cap of $4.24 billion, a PE ratio of -2.99 and a beta of 5.49. The company’s fifty day moving average is $16.80 and its two-hundred day moving average is $20.99. Core Scientific, Inc. has a fifty-two week low of $12.31 and a fifty-two week high of $30.46.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to the consensus estimate of $144.83 million. As a group, equities research analysts anticipate that Core Scientific, Inc. will post -1.36 earnings per share for the current year.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Core Scientific during the 2nd quarter worth $719,649,000. Apollo Management Holdings L.P. acquired a new stake in Core Scientific in the 2nd quarter valued at $115,671,000. Fifth Third Bancorp acquired a new stake in Core Scientific in the 1st quarter valued at $59,802,000. Avala Global LP purchased a new position in Core Scientific in the second quarter valued at about $101,729,000. Finally, Bank of America Corp DE raised its position in Core Scientific by 412.5% in the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after purchasing an additional 3,868,535 shares during the period.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CORZ shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research report on Thursday, October 15th. Rothschild & Co Redburn began coverage on Core Scientific in a research note on Monday, September 21st. They set a “neutral” rating and a $16.00 price target for the company. Citigroup restated a “market outperform” rating on shares of Core Scientific in a report on Wednesday, October 14th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Core Scientific in a research note on Thursday, October 15th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $39.00 target price on shares of Core Scientific in a report on Wednesday, October 14th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.78.

Core Scientific Company Profile

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.