Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $199,700.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $19.97, for a total transaction of $199,700.00. Following the completion of the sale, the insider directly owned 1,969,101 shares in the company, valued at approximately $39,322,946.97. The trade was a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Core Scientific Trading Up 5.6%

CORZ traded up $1.11 during midday trading on Wednesday, hitting $20.87. 12,362,592 shares of the company were exchanged, compared to its average volume of 12,846,497. The company’s 50 day simple moving average is $24.22 and its 200 day simple moving average is $20.98. The firm has a market capitalization of $6.71 billion, a price-to-earnings ratio of -4.72 and a beta of 5.59. Core Scientific, Inc. has a 1-year low of $13.14 and a 1-year high of $30.46.

Core Scientific (NASDAQ:CORZ) last issued 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 during the quarter, compared to analyst estimates of $144.83 million. On average, equities analysts anticipate that Core Scientific, Inc. will post -1.36 EPS for the current year.

Hedge Funds Weigh In On Core Scientific

A number of large investors have recently bought and sold shares of the business. Allworth Financial LP boosted its position in Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after purchasing an additional 950 shares in the last quarter. CoreCap Advisors LLC purchased a new stake in shares of Core Scientific in the second quarter valued at approximately $36,000. Rakuten Securities Inc. acquired a new position in shares of Core Scientific during the 2nd quarter worth approximately $47,000. Larson Financial Group LLC raised its stake in shares of Core Scientific by 936.7% during the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after buying an additional 1,686 shares during the period. Finally, Osaic Holdings Inc. lifted its position in shares of Core Scientific by 112.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after buying an additional 1,066 shares in the last quarter.

Analyst Ratings Changes

CORZ has been the subject of a number of analyst reports. Loop Capital set a $40.00 price target on Core Scientific in a report on Friday, June 12th. BTIG Research reaffirmed a “buy” rating and set a $38.00 target price on shares of Core Scientific in a report on Tuesday, July 28th. Canaccord Genuity Group boosted their target price on shares of Core Scientific from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Sanford C. Bernstein reissued an “outperform” rating and set a $32.00 price target on shares of Core Scientific in a report on Wednesday, June 3rd. Finally, Keefe, Bruyette & Woods upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and raised their price target for the company from $25.00 to $28.00 in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.18.

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.