Core Scientific (NASDAQ:CORZ) Stock Price Down 8.4% on Insider Selling

Core Scientific, Inc. (NASDAQ:CORZ) fell 8.4% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $23.51 and last traded at $23.4380. 3,060,439 shares were traded during trading, a decline of 76% from the average daily volume of 12,724,052 shares. The stock had previously closed at $25.59.

Specifically, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $26.17, for a total value 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. This represents a 0.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of research firms have recently commented on CORZ. BTIG Research upped their price objective on shares of Core Scientific from $33.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. B. Riley Financial lifted their target price on shares of Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. Cantor Fitzgerald boosted their target price on shares of Core Scientific from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a research report on Monday, April 20th. Finally, Loop Capital set a $40.00 price target on shares of Core Scientific in a research report on Friday, June 12th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Core Scientific presently has a consensus rating of “Moderate Buy” and an average target price of $29.78.

Core Scientific Stock Down 9.6%

The firm has a 50 day moving average of $25.26 and a 200 day moving average of $19.87. The firm has a market cap of $6.81 billion, a PE ratio of -18.80 and a beta of 5.50.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to the consensus estimate of $117.04 million. The company’s revenue for the quarter was up 44.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.25 EPS. On average, research analysts anticipate that Core Scientific, Inc. will post 0.08 EPS for the current year.

Institutional Trading of Core Scientific

Several hedge funds and other institutional investors have recently bought and sold shares of CORZ. Sapient Capital LLC purchased a new stake in Core Scientific in the first quarter worth $209,000. NewEdge Advisors LLC increased its position in Core Scientific by 4.7% during the 1st quarter. NewEdge Advisors LLC now owns 50,543 shares of the company’s stock valued at $756,000 after purchasing an additional 2,280 shares during the period. Glenmede Trust Co. NA raised its holdings in Core Scientific by 147.2% in the 1st quarter. Glenmede Trust Co. NA now owns 53,640 shares of the company’s stock worth $802,000 after purchasing an additional 31,943 shares in the last quarter. Segall Bryant & Hamill LLC raised its holdings in Core Scientific by 108.2% in 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 in the last quarter. Finally, Bank of America Corp DE raised its holdings in Core Scientific by 412.5% in 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 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.