Core Scientific (NASDAQ:CORZ) Insider Sells $222,300.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $22.23, for a total transaction of $222,300.00. Following the transaction, the insider directly owned 1,979,101 shares in the company, valued at approximately $43,995,415.23. The trade was a 0.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Core Scientific Trading Down 0.2%

Shares of CORZ opened at $21.01 on Friday. Core Scientific, Inc. has a 12-month low of $13.14 and a 12-month high of $30.46. The firm has a market capitalization of $6.75 billion, a P/E ratio of -4.75 and a beta of 5.59. The firm has a 50-day moving average price of $24.59 and a 200 day moving average price of $20.95.

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

Hedge Funds Weigh In On Core Scientific

A number of hedge funds have recently made changes to their positions in CORZ. BlackRock Inc. acquired a new stake in Core Scientific in the 2nd quarter valued at approximately $719,649,000. Deutsche Bank AG purchased a new stake in Core Scientific in the second quarter valued at approximately $9,859,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Core Scientific during the second quarter worth $252,000. Uniting Wealth Partners LLC acquired a new position in Core Scientific during the second quarter worth $752,000. Finally, 180 GPS Investments IC Ltd purchased a new position in shares of Core Scientific during the second quarter worth $3,314,000.

Analyst Upgrades and Downgrades

CORZ has been the subject of several analyst reports. Jefferies Financial Group increased their price objective on Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Freedom Capital upgraded Core Scientific from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. BTIG Research reaffirmed a “buy” rating and issued a $38.00 price target on shares of Core Scientific in a research note on Tuesday, July 28th. Capital One Financial set a $33.00 price target on Core Scientific in a report on Thursday, July 30th. Finally, B. Riley Financial raised their price objective on Core Scientific from $33.00 to $42.00 and gave the stock a “buy” rating in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $32.18.

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.