Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $186,700.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $18.67, for a total value of $186,700.00. Following the completion of the sale, the insider directly owned 1,217,896 shares in the company, valued at $22,738,118.32. This represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Core Scientific Stock Performance

CORZ stock opened at $17.94 on Friday. Core Scientific, Inc. has a 1 year low of $13.35 and a 1 year high of $30.46. The stock has a market capitalization of $5.76 billion, a price-to-earnings ratio of -4.06 and a beta of 5.48. The stock’s fifty day moving average is $20.17 and its two-hundred day moving average is $21.00.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. As a group, analysts predict that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Engineers Gate Manager LP bought a new stake in Core Scientific during the second quarter worth approximately $1,671,000. Squarepoint Ops LLC boosted its stake in Core Scientific by 64.1% during the 2nd quarter. Squarepoint Ops LLC now owns 2,686,177 shares of the company’s stock valued at $68,739,000 after purchasing an additional 1,049,678 shares in the last quarter. Arizona State Retirement System increased its position in shares of Core Scientific by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 69,666 shares of the company’s stock valued at $1,783,000 after purchasing an additional 1,533 shares during the period. Nykredit A S acquired a new position in shares of Core Scientific during the 2nd quarter valued at $263,000. Finally, Parkside Financial Bank & Trust increased its position in shares of Core Scientific by 1,371.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock valued at $30,000 after purchasing an additional 1,097 shares during the period.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. BTIG Research reaffirmed a “buy” rating and set a $38.00 price target on shares of Core Scientific in a report on Tuesday, July 28th. Compass Point reissued a “buy” rating and issued a $36.00 price objective on shares of Core Scientific in a report on Wednesday, July 29th. Keefe, Bruyette & Woods upgraded Core Scientific from a “market perform” rating to an “outperform” rating and raised their target price for the company from $25.00 to $28.00 in a research report on Thursday, July 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $32.00 price target on shares of Core Scientific in a research note on Wednesday, June 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently 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 digital infrastructure company that develops and operates data centers for high-performance computing. Its business has historically centered on large-scale bitcoin mining, including the deployment and operation of specialized computing equipment and supporting power, networking and facility infrastructure.

The company also provides hosting and colocation services for digital asset miners and other high-performance computing customers. Core Scientific has increasingly focused on expanding its data center platform for artificial intelligence and other compute-intensive workloads, including infrastructure designed to support graphics processing unit (GPU) deployments.

Founded in 2017, Core Scientific operates data center facilities in the United States and emerged from Chapter 11 bankruptcy protection in January 2024.