Core Scientific (NASDAQ:CORZ) Insider Sells $292,900.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $29.29, for a total transaction of $292,900.00. Following the completion of the transaction, the insider owned 2,048,895 shares in the company, valued at $60,012,134.55. This trade represents a 0.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Core Scientific Stock Down 0.1%

CORZ opened at $27.24 on Friday. Core Scientific, Inc. has a twelve month low of $12.42 and a twelve month high of $30.46. The company has a fifty day moving average of $24.92 and a 200-day moving average of $19.66. The stock has a market cap of $8.66 billion, a PE ratio of -23.89 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last released 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 analyst estimates of $117.04 million. The firm’s revenue for the quarter was up 44.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.25 EPS. Sell-side analysts anticipate that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Core Scientific

Several institutional investors have recently made changes to their positions in the stock. Allworth Financial LP grew its stake in shares of Core Scientific by 206.5% in the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after buying an additional 950 shares during the period. Larson Financial Group LLC raised its stake in 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 buying an additional 1,686 shares during the period. Osaic Holdings Inc. raised its stake in 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 buying an additional 1,066 shares during the period. Danske Bank A S bought a new position in Core Scientific in the fourth quarter worth approximately $36,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Core Scientific by 41.3% in the first 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 in the last quarter.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CORZ. Sanford C. Bernstein reissued an “outperform” rating and issued a $32.00 price objective on shares of Core Scientific in a research note on Wednesday, June 3rd. Needham & Company LLC raised their target price on Core Scientific from $23.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. BTIG Research lifted their target price on Core Scientific from $33.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $25.00 price target on shares of Core Scientific in a research note on Tuesday, March 3rd. Finally, Cantor Fitzgerald increased their price target on Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Core Scientific presently has a consensus rating of “Moderate Buy” and an average target price of $29.78.

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.