Todd Duchene Sells 10,000 Shares of Core Scientific (NASDAQ:CORZ) Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $26.25, for a total value of $262,500.00. Following the sale, the insider owned 2,088,895 shares of the company’s stock, valued at approximately $54,833,493.75. This represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Core Scientific Trading Up 2.1%

NASDAQ CORZ traded up $0.56 during trading on Thursday, hitting $27.76. 15,417,150 shares of the company traded hands, compared to its average volume of 12,897,352. Core Scientific, Inc. has a 12 month low of $10.45 and a 12 month high of $28.19. The business has a fifty day simple moving average of $19.99 and a 200 day simple moving average of $17.89. The company has a market capitalization of $8.82 billion, a P/E ratio of -24.35 and a beta of 5.45.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The business had revenue of $115.24 million during the quarter, compared to the consensus estimate of $117.04 million. During the same quarter in the prior year, the business posted $1.25 EPS. Core Scientific’s quarterly revenue was up 44.9% on a year-over-year basis. Equities research analysts predict that Core Scientific, Inc. will post 0.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently bought and sold shares of CORZ. Allworth Financial LP increased its stake in Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after acquiring an additional 950 shares during the period. Larson Financial Group LLC increased its stake in Core Scientific by 936.7% during the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock valued at $27,000 after acquiring an additional 1,686 shares during the period. Osaic Holdings Inc. increased its stake in Core Scientific by 112.1% during the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after acquiring an additional 1,066 shares during the period. Danske Bank A S bought a new position in Core Scientific during the fourth quarter valued at about $36,000. Finally, PNC Financial Services Group Inc. increased its stake in Core Scientific by 41.3% during the first quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock valued at $66,000 after acquiring an additional 1,285 shares during the period.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a report on Monday, April 20th. Cantor Fitzgerald raised their target price on Core Scientific from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Canaccord Genuity Group set a $30.00 target price on Core Scientific in a report on Friday, May 8th. BTIG Research raised their target price on Core Scientific from $23.00 to $33.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Finally, Jefferies Financial Group raised their price target on Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.33.

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.