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

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $26.85, for a total transaction of $268,500.00. Following the sale, the insider owned 2,068,895 shares of the company’s stock, valued at approximately $55,549,830.75. This represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Core Scientific Stock Performance

Shares of CORZ stock traded down $1.32 during trading hours on Wednesday, reaching $25.69. The company had a trading volume of 11,922,921 shares, compared to its average volume of 12,916,471. The business has a fifty day moving average price of $22.04 and a 200-day moving average price of $18.60. Core Scientific, Inc. has a one year low of $10.93 and a one year high of $30.46. The firm has a market cap of $8.17 billion, a PE ratio of -22.54 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The company had revenue of $115.24 million for the quarter, compared to the consensus estimate of $117.04 million. The company’s revenue for the quarter was up 44.9% compared to the same quarter last year. During the same period last year, the business earned $1.25 EPS. Equities research analysts forecast that Core Scientific, Inc. will post 0.08 EPS for the current year.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP raised its holdings in shares of Core Scientific by 206.5% during the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after acquiring an additional 950 shares during the period. Larson Financial Group LLC raised its holdings 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 acquiring an additional 1,686 shares during the period. Osaic Holdings Inc. raised its holdings 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 worth $34,000 after acquiring an additional 1,066 shares during the period. Danske Bank A S purchased a new position in shares of Core Scientific during the 4th quarter worth $36,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Core Scientific by 41.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock worth $66,000 after acquiring an additional 1,285 shares during the period.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CORZ. HC Wainwright restated a “buy” rating and issued a $25.00 price target on shares of Core Scientific in a report on Tuesday, March 3rd. Sanford C. Bernstein reiterated an “outperform” rating and set a $32.00 target price on shares of Core Scientific in a report on Wednesday, June 3rd. Jefferies Financial Group increased their price target on shares of Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Needham & Company LLC increased their price target on shares of Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Canaccord Genuity Group set a $30.00 price target on shares of Core Scientific in a research report on Friday, May 8th. One equities research 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 assigned a Sell rating to the company. Based on data from MarketBeat, Core Scientific currently has a consensus rating of “Moderate Buy” and an average price target of $28.83.

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.