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

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $17.45, for a total transaction of $174,500.00. Following the sale, the insider directly owned 1,937,896 shares of the company’s stock, valued at $33,816,285.20. This represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Core Scientific Price Performance

CORZ stock opened at $17.62 on Friday. The company has a market capitalization of $5.66 billion, a PE ratio of -3.99 and a beta of 5.59. Core Scientific, Inc. has a 12 month low of $13.14 and a 12 month high of $30.46. The firm’s 50-day moving average is $22.10 and its 200 day moving average is $21.05.

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

Hedge Funds Weigh In On Core Scientific

Several institutional investors have recently bought and sold shares of the business. Allworth Financial LP lifted its holdings in Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after buying an additional 950 shares during the period. CoreCap Advisors LLC bought a new position in shares of Core Scientific in the 2nd quarter worth $36,000. Rakuten Securities Inc. bought a new position in shares of Core Scientific in the 2nd quarter worth $47,000. Larson Financial Group LLC lifted its stake 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 purchasing an additional 1,686 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its stake 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 purchasing an additional 1,066 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages recently issued reports on CORZ. Lucid Cap Mkts raised Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. Canaccord Genuity Group lifted their target price on Core Scientific from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Wolfe Research reiterated a “buy” rating on shares of Core Scientific in a report on Wednesday, July 29th. BTIG Research reissued a “buy” rating and set a $38.00 price target on shares of Core Scientific in a research report on Tuesday, July 28th. Finally, Freedom Capital upgraded Core Scientific from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Core Scientific has a consensus rating of “Moderate Buy” and an average price target 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.