Insider Buying: Core Scientific (NASDAQ:CORZ) Director Acquires 6,000 Shares

Core Scientific, Inc. (NASDAQ:CORZ) Director Eric Weiss bought 6,000 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was acquired at an average cost of $16.33 per share, with a total value of $97,980.00. Following the completion of the purchase, the director owned 265,262 shares of the company’s stock, valued at approximately $4,331,728.46. This trade represents a 2.31% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Eric Stanton Weiss also recently made the following trade(s):

• On Tuesday, August 18th, Eric Weiss bought 7,000 shares of Core Scientific stock. The shares were acquired at an average cost of $19.19 per share, with a total value of $134,330.00.

Core Scientific Stock Performance

CORZ stock traded up $0.26 during mid-day trading on Thursday, hitting $17.14. 11,301,332 shares of the company were exchanged, compared to its average volume of 12,602,938. The firm has a market cap of $5.51 billion, a P/E ratio of -3.88 and a beta of 5.48. Core Scientific, Inc. has a 1-year low of $13.35 and a 1-year high of $30.46. The firm’s 50 day simple moving average is $19.81 and its 200 day simple moving average is $21.00.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The business had revenue of $164.20 million during the quarter, compared to analysts’ expectations of $144.83 million. On average, equities research analysts predict that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Larson Financial Group LLC raised its holdings in shares of Core Scientific by 936.7% in the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock valued at $27,000 after purchasing an additional 1,686 shares during the period. Parkside Financial Bank & Trust grew its holdings in Core Scientific by 1,371.3% during the second quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock worth $30,000 after purchasing an additional 1,097 shares during the period. CoreCap Advisors LLC acquired a new position in Core Scientific during the second quarter worth approximately $36,000. Rakuten Securities Inc. bought a new stake in Core Scientific in the second quarter valued at approximately $47,000. Finally, PNC Financial Services Group Inc. raised its stake in Core Scientific by 41.3% in the first quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock valued at $66,000 after buying an additional 1,285 shares during the period.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CORZ shares. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $32.00 price target on shares of Core Scientific in a research note on Wednesday, June 3rd. Loop Capital set a $40.00 price objective on shares of Core Scientific in a research report on Friday, June 12th. BTIG Research restated a “buy” rating and set a $38.00 target price on shares of Core Scientific in a report on Tuesday, July 28th. Compass Point reaffirmed a “buy” rating and issued a $36.00 target price on shares of Core Scientific in a research report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $25.00 to $28.00 in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.96.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a digital infrastructure company that develops and operates data centers for high-performance computing. Its business has historically centered on large-scale bitcoin mining, including the deployment and operation of specialized computing equipment and supporting power, networking and facility infrastructure.

The company also provides hosting and colocation services for digital asset miners and other high-performance computing customers. Core Scientific has increasingly focused on expanding its data center platform for artificial intelligence and other compute-intensive workloads, including infrastructure designed to support graphics processing unit (GPU) deployments.

Founded in 2017, Core Scientific operates data center facilities in the United States and emerged from Chapter 11 bankruptcy protection in January 2024.