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

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $29.29, for a total value of $292,900.00. Following the completion of the sale, the insider directly owned 2,048,895 shares of the company’s stock, valued at approximately $60,012,134.55. This trade represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Core Scientific Trading Down 4.7%

Shares of NASDAQ:CORZ traded down $1.37 during mid-day trading on Wednesday, reaching $27.79. The stock had a trading volume of 12,664,958 shares, compared to its average volume of 12,787,708. The firm has a 50 day simple moving average of $24.41 and a two-hundred day simple moving average of $19.46. Core Scientific, Inc. has a twelve month low of $11.81 and a twelve month high of $30.46. The firm has a market cap of $8.83 billion, a PE ratio of -24.38 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to the consensus estimate of $117.04 million. During the same quarter last year, the company posted $1.25 earnings per share. The firm’s quarterly revenue was up 44.9% on a year-over-year basis. On average, equities analysts anticipate that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.

Institutional Trading of Core Scientific

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Core Scientific by 18.7% in the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock valued at $494,462,000 after acquiring an additional 5,359,710 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in Core Scientific during the 4th quarter worth approximately $1,252,000. Kintayl Capital LP bought a new position in shares of Core Scientific during the 3rd quarter worth approximately $10,227,000. Nations Financial Group Inc. IA ADV bought a new position in shares of Core Scientific during the 4th quarter worth approximately $2,980,000. Finally, Jennison Associates LLC acquired a new stake in shares of Core Scientific in the fourth quarter valued at approximately $14,075,000.

Analyst Upgrades and Downgrades

CORZ has been the subject of several recent analyst reports. Jefferies Financial Group increased their price target on Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. B. Riley Financial lifted their price objective on Core Scientific from $30.00 to $33.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $32.00 price objective on shares of Core Scientific in a research report on Wednesday, June 3rd. Cantor Fitzgerald increased their target price on Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Finally, HC Wainwright restated a “buy” rating and set a $25.00 target price on shares of Core Scientific in a report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $29.49.

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.