Todd M. Duchene Sells 50,000 Shares of Core Scientific, Inc. (NASDAQ:CORZ) Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd M. Duchene sold 50,000 shares of Core Scientific stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $12.31, for a total value of $615,500.00. Following the completion of the sale, the insider now directly owns 2,050,102 shares in the company, valued at $25,236,755.62. This represents a 2.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Core Scientific Trading Up 2.2%

CORZ opened at $12.19 on Friday. The company has a 50 day moving average of $8.97 and a 200 day moving average of $11.55. The company has a market cap of $3.63 billion, a PE ratio of -2.25 and a beta of 6.66. Core Scientific, Inc. has a 12 month low of $6.20 and a 12 month high of $18.63.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. The business had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. The firm’s quarterly revenue was down 55.6% on a year-over-year basis. During the same period last year, the business posted $0.78 earnings per share. Research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Institutional Trading of Core Scientific

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Shields & Co. LLC bought a new stake in shares of Core Scientific during the 4th quarter worth $26,000. First Horizon Advisors Inc. bought a new stake in shares of Core Scientific during the 4th quarter worth $34,000. State of Wyoming bought a new stake in shares of Core Scientific during the 1st quarter worth $34,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Core Scientific during the 1st quarter worth $38,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific during the 4th quarter worth $42,000.

Analyst Ratings Changes

Several brokerages have recently weighed in on CORZ. Citigroup began coverage on Core Scientific in a report on Thursday, May 22nd. They issued an “outperform” rating for the company. Cantor Fitzgerald decreased their price objective on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. HC Wainwright restated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Tuesday, March 11th. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Friday, May 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $16.00 price objective on shares of Core Scientific in a report on Friday, May 16th. Eighteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Core Scientific presently has an average rating of “Buy” and a consensus target price of $18.33.

Core Scientific Company Profile

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.