Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $183,700.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, September 21st. The shares were sold at an average price of $18.37, for a total value of $183,700.00. Following the sale, the insider owned 1,197,896 shares of the company’s stock, valued at approximately $22,005,349.52. This trade represents a 0.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Core Scientific Trading Down 3.7%

CORZ stock traded down $0.69 during trading on Wednesday, reaching $18.10. The stock had a trading volume of 9,100,115 shares, compared to its average volume of 12,597,033. Core Scientific, Inc. has a 52 week low of $13.35 and a 52 week high of $30.46. The stock’s 50 day moving average is $19.42 and its two-hundred day moving average is $21.05. The firm has a market cap of $5.82 billion, a PE ratio of -4.10 and a beta of 5.48.

Core Scientific (NASDAQ:CORZ) last released its quarterly 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 analyst estimates of $144.83 million. On average, research analysts anticipate that Core Scientific, Inc. will post -1.36 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on CORZ. BTIG Research restated a “buy” rating and set a $38.00 target price on shares of Core Scientific in a research report on Tuesday, July 28th. Loop Capital set a $40.00 price target on shares of Core Scientific in a research note on Friday, June 12th. Freedom Capital raised shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. UBS Group assumed coverage on Core Scientific in a research note on Wednesday. They issued a “buy” rating and a $24.00 price objective for the company. Finally, Capital One Financial set a $33.00 target price on Core Scientific in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Core Scientific has an average rating of “Moderate Buy” and an average price target of $30.86.

Hedge Funds Weigh In On Core Scientific

Large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position 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 valued at $71,903,000 after purchasing an additional 3,868,535 shares during the period. Oasis Management Co Ltd. bought a new position in Core Scientific in the 4th quarter worth $38,493,000. California State Teachers Retirement System boosted its holdings in Core Scientific by 22.1% in the 1st quarter. California State Teachers Retirement System now owns 288,936 shares of the company’s stock worth $4,322,000 after buying an additional 52,260 shares during the period. Mercuria Capital Strategies LLC purchased a new stake in Core Scientific in the 4th quarter worth $2,718,000. Finally, Situational Awareness LP increased its stake in Core Scientific by 42.5% in the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after buying an additional 8,575,944 shares in the last quarter.

Core Scientific Company Profile

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.