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 company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $17.45, for a total value of $174,500.00. Following the completion of the transaction, the insider directly owned 1,937,896 shares in the company, valued at approximately $33,816,285.20. This trade represents a 0.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Core Scientific Price Performance

Shares of NASDAQ:CORZ traded down $0.61 during midday trading on Wednesday, reaching $17.42. 6,846,253 shares of the company’s stock were exchanged, compared to its average volume of 12,710,528. The firm’s 50 day simple moving average is $22.55 and its two-hundred day simple moving average is $21.02. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of -3.94 and a beta of 5.59. Core Scientific, Inc. has a fifty-two week low of $13.14 and a fifty-two week 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 company had revenue of $164.20 million for the quarter, compared to analysts’ expectations of $144.83 million. Equities research analysts predict that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CORZ. BlackRock Inc. acquired a new stake in Core Scientific during the 2nd quarter worth approximately $719,649,000. Situational Awareness LP grew its stake in shares of Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after acquiring an additional 8,575,944 shares in the last quarter. Value Aligned Research Advisors LLC acquired a new position in shares of Core Scientific in the fourth quarter worth $117,786,000. California State Teachers Retirement System increased its position in shares of Core Scientific by 2,488.6% during the second quarter. California State Teachers Retirement System now owns 7,479,420 shares of the company’s stock worth $191,398,000 after acquiring an additional 7,190,484 shares during the period. Finally, Vanguard Group Inc. grew its stake in Core Scientific by 18.7% during the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after purchasing an additional 5,359,710 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Jefferies Financial Group upped their price objective on shares of Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Keefe, Bruyette & Woods upgraded Core Scientific from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $25.00 to $28.00 in a research note on Thursday, July 30th. Loop Capital set a $40.00 price target on Core Scientific in a research report on Friday, June 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. Finally, Needham & Company LLC boosted their price objective on Core Scientific from $29.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Core Scientific currently has an average rating of “Moderate Buy” and an average target price of $32.18.

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.