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

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $15.12, for a total value of $151,200.00. Following the transaction, the insider owned 1,159,668 shares of the company’s stock, valued at approximately $17,534,180.16. This trade represents a 0.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Core Scientific Stock Performance

Shares of CORZ traded down $1.92 during mid-day trading on Wednesday, hitting $13.51. The company’s stock had a trading volume of 28,242,150 shares, compared to its average volume of 12,587,685. The stock’s 50-day moving average is $17.75 and its two-hundred day moving average is $21.07. The firm has a market capitalization of $4.34 billion, a PE ratio of -3.06 and a beta of 5.49. Core Scientific, Inc. has a one year low of $13.35 and a one year high of $30.46.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) 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 analyst estimates of $144.83 million. Analysts expect that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Core Scientific in the 2nd quarter valued at $719,649,000. Jericho Capital Asset Management L.P. raised its stake in shares of Core Scientific by 11.4% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock valued at $189,842,000 after buying an additional 1,338,796 shares in the last quarter. Apollo Management Holdings L.P. bought a new position in shares of Core Scientific during the 2nd quarter worth about $115,671,000. Avala Global LP bought a new position in shares of Core Scientific during the 2nd quarter worth about $101,729,000. Finally, Bank of America Corp DE bought a new position in shares of Core Scientific during the 2nd quarter worth about $93,668,000.

Analyst Ratings Changes

Several analysts have issued reports on CORZ shares. Rothschild & Co Redburn began coverage on shares of Core Scientific in a research report on Monday, September 21st. They issued a “neutral” rating and a $16.00 price target on the stock. Wolfe Research reaffirmed a “buy” rating on shares of Core Scientific in a research report on Wednesday, July 29th. Citigroup reaffirmed a “market outperform” rating on shares of Core Scientific in a research report on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $39.00 target price on shares of Core Scientific in a research note on Wednesday. Finally, Freedom Capital raised Core Scientific from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Core Scientific currently has an average rating of “Moderate Buy” and an average price target of $31.36.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers in the United States. Its business has historically centered on cryptocurrency mining, particularly the processing of transactions on the Bitcoin network, while also providing hosting and infrastructure services to other mining and technology customers.

The company is expanding its data center capabilities to support high-performance computing and artificial intelligence workloads. Its services include data center operations, power and equipment management, hosting, and related infrastructure support for customers that require substantial computing capacity.

Core Scientific was founded in 2017 and became a publicly traded company through a business combination in 2022.