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

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $26.85, for a total transaction of $268,500.00. Following the completion of the transaction, the insider directly owned 2,068,895 shares in the company, valued at approximately $55,549,830.75. The trade was a 0.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Core Scientific Stock Down 4.9%

Shares of Core Scientific stock opened at $25.69 on Thursday. The firm’s 50 day moving average price is $22.28 and its 200-day moving average price is $18.67. Core Scientific, Inc. has a 52-week low of $10.93 and a 52-week high of $30.46. The company has a market cap of $8.17 billion, a P/E ratio of -22.54 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) 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 analysts’ expectations of $117.04 million. During the same quarter in the prior year, the firm posted $1.25 earnings per share. The firm’s revenue was up 44.9% on a year-over-year basis. As a group, equities research analysts forecast 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 bought and sold shares of CORZ. AQR Capital Management LLC boosted its stake in Core Scientific by 106.1% in the 1st quarter. AQR Capital Management LLC now owns 283,432 shares of the company’s stock worth $2,052,000 after purchasing an additional 145,905 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Core Scientific by 180.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company’s stock valued at $8,032,000 after acquiring an additional 714,388 shares during the period. Cetera Investment Advisers lifted its stake in Core Scientific by 200.0% during the 2nd quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock valued at $663,000 after acquiring an additional 25,878 shares during the period. Franklin Resources Inc. acquired a new stake in Core Scientific during the 2nd quarter valued at approximately $181,000. Finally, Russell Investments Group Ltd. lifted its stake in Core Scientific by 61.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock valued at $67,000 after acquiring an additional 1,507 shares during the period.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. LADENBURG THALM/SH SH cut their price objective on shares of Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Wall Street Zen upgraded shares of Core Scientific to a “sell” rating in a research note on Saturday, March 14th. Jefferies Financial Group lifted their target price on shares of Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Needham & Company LLC lifted their target price on shares of Core Scientific from $23.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, BTIG Research lifted their target price on shares of Core Scientific from $23.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.83.

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.