Core Scientific, Inc. (NASDAQ:CORZ) Insider Todd M. Duchene Sells 50,000 Shares

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd M. Duchene sold 50,000 shares of the stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $12.31, for a total transaction of $615,500.00. Following the transaction, the insider now owns 2,050,102 shares of the company’s stock, valued at $25,236,755.62. This trade represents a 2.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Core Scientific Price Performance

Shares of CORZ opened at $12.19 on Friday. Core Scientific, Inc. has a 1-year low of $6.20 and a 1-year high of $18.63. The company has a 50-day moving average of $8.97 and a 200 day moving average of $11.55. The firm has a market capitalization of $3.63 billion, a price-to-earnings ratio of -2.25 and a beta of 6.66.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. During the same quarter in the previous year, the business earned $0.78 EPS. The company’s quarterly revenue was down 55.6% compared to the same quarter last year. On average, equities analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Citigroup started coverage on shares of Core Scientific in a research report on Thursday, May 22nd. They set an “outperform” rating for the company. Cantor Fitzgerald lowered their target price on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. Citizens Jmp upgraded shares of Core Scientific to a “strong-buy” rating and set a $15.00 target price for the company in a report on Thursday, May 22nd. Compass Point lowered their target price on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Finally, Needham & Company LLC restated a “buy” rating and issued a $16.00 target price on shares of Core Scientific in a report on Friday, May 16th. Eighteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $18.33.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CORZ. KLP Kapitalforvaltning AS purchased a new position in Core Scientific during the 4th quarter valued at about $527,000. Stephens Inc. AR purchased a new position in Core Scientific during the 4th quarter valued at about $927,000. Van ECK Associates Corp increased its position in Core Scientific by 26.1% during the 4th quarter. Van ECK Associates Corp now owns 2,039,718 shares of the company’s stock valued at $28,658,000 after purchasing an additional 422,774 shares during the period. Legato Capital Management LLC increased its position in Core Scientific by 51.9% during the 4th quarter. Legato Capital Management LLC now owns 118,497 shares of the company’s stock valued at $1,665,000 after purchasing an additional 40,493 shares during the period. Finally, Deutsche Bank AG increased its position in Core Scientific by 53.8% during the 4th quarter. Deutsche Bank AG now owns 165,032 shares of the company’s stock valued at $2,319,000 after purchasing an additional 57,742 shares during the period.

About Core Scientific

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.