Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $281,900.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $28.19, for a total transaction of $281,900.00. Following the completion of the sale, the insider directly owned 2,058,895 shares in the company, valued at approximately $58,040,250.05. This represents a 0.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Core Scientific Stock Performance

Shares of NASDAQ:CORZ opened at $29.16 on Friday. The company has a market capitalization of $9.27 billion, a price-to-earnings ratio of -25.58 and a beta of 5.49. Core Scientific, Inc. has a 12 month low of $10.93 and a 12 month high of $30.46. The firm’s 50-day moving average is $23.97 and its 200 day moving average is $19.26.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data 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 business had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. During the same period in the prior year, the firm posted $1.25 earnings per share. Core Scientific’s revenue was up 44.9% compared to the same quarter last year. As a group, equities analysts forecast that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.

Analyst Ratings Changes

CORZ has been the subject of a number of recent analyst reports. Jefferies Financial Group boosted their price objective on Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, May 14th. BTIG Research increased their target price on Core Scientific from $23.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Canaccord Genuity Group set a $30.00 target price on Core Scientific in a research report on Friday, May 8th. LADENBURG THALM/SH SH lowered their target price on shares of Core Scientific from $24.50 to $23.75 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Finally, Loop Capital set a $40.00 price target on shares of Core Scientific in a report on Friday, June 12th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $29.49.

Institutional Trading of Core Scientific

A number of large investors have recently modified their holdings of CORZ. Vanguard Group Inc. increased its holdings in Core Scientific by 18.7% during the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after purchasing an additional 5,359,710 shares during the period. Situational Awareness LP grew its position in shares of Core Scientific by 42.5% during 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. Jericho Capital Asset Management L.P. grew its position in shares of Core Scientific by 11.4% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock worth $189,842,000 after buying an additional 1,338,796 shares in the last quarter. Value Aligned Research Advisors LLC bought a new position in shares of Core Scientific during the 4th quarter worth $117,786,000. Finally, Geode Capital Management LLC increased its stake in shares of Core Scientific by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock valued at $111,417,000 after buying an additional 109,145 shares during the period.

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.