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

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $29.29, for a total transaction of $292,900.00. Following the sale, the insider directly owned 2,048,895 shares of the company’s stock, valued at $60,012,134.55. This represents a 0.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Core Scientific Stock Down 4.7%

Shares of NASDAQ:CORZ opened at $27.79 on Thursday. The firm has a market cap of $8.83 billion, a price-to-earnings ratio of -24.38 and a beta of 5.49. Core Scientific, Inc. has a 12 month low of $11.81 and a 12 month high of $30.46. The company’s fifty day simple moving average is $24.59 and its 200 day simple moving average is $19.53.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The company had revenue of $115.24 million for the quarter, compared to analysts’ expectations of $117.04 million. During the same period in the previous year, the firm posted $1.25 earnings per share. The company’s revenue for the quarter was up 44.9% on a year-over-year basis. Research analysts expect that Core Scientific, Inc. will post 0.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CORZ shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a report on Monday, April 20th. Cantor Fitzgerald boosted their target price on Core Scientific from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. Jefferies Financial Group upped their price target on Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. HC Wainwright reaffirmed a “buy” rating and set a $25.00 price target on shares of Core Scientific in a research note on Tuesday, March 3rd. Finally, LADENBURG THALM/SH SH lowered their price objective on shares of Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.78.

Institutional Investors Weigh In On Core Scientific

Several large investors have recently made changes to their positions in the stock. Sapient Capital LLC bought a new stake in Core Scientific during the first quarter worth $209,000. NewEdge Advisors LLC grew its position in shares of Core Scientific by 4.7% in the 1st quarter. NewEdge Advisors LLC now owns 50,543 shares of the company’s stock valued at $756,000 after acquiring an additional 2,280 shares during the period. Glenmede Trust Co. NA grew its position in shares of Core Scientific by 147.2% in the 1st quarter. Glenmede Trust Co. NA now owns 53,640 shares of the company’s stock valued at $802,000 after acquiring an additional 31,943 shares during the period. Segall Bryant & Hamill LLC increased its stake in shares of Core Scientific by 108.2% during the 1st quarter. Segall Bryant & Hamill LLC now owns 2,305,498 shares of the company’s stock worth $34,490,000 after purchasing an additional 1,198,020 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Core Scientific by 412.5% during the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock worth $71,903,000 after purchasing an additional 3,868,535 shares during the last quarter.

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.