Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $163,100.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $16.31, for a total transaction of $163,100.00. Following the sale, the insider directly owned 1,169,668 shares in the company, valued at approximately $19,077,285.08. The trade was a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Core Scientific Stock Up 0.3%

NASDAQ:CORZ opened at $15.41 on Friday. Core Scientific, Inc. has a 52 week low of $13.35 and a 52 week high of $30.46. The stock’s 50-day moving average price is $18.05 and its 200-day moving average price is $21.06. The stock has a market capitalization of $4.95 billion, a PE ratio of -3.49 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $144.83 million. Sell-side analysts expect that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CORZ shares. Canaccord Genuity Group lifted their price target on shares of Core Scientific from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. Keefe, Bruyette & Woods raised shares of Core Scientific from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $25.00 to $28.00 in a report on Thursday, July 30th. Rothschild & Co Redburn started coverage on shares of Core Scientific in a research note on Monday, September 21st. They set a “neutral” rating and a $16.00 target price for the company. Finally, Needham & Company LLC upped their price target on shares of Core Scientific from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $30.86.

Institutional Trading of Core Scientific

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Core Scientific during the 2nd quarter valued at about $719,649,000. Jericho Capital Asset Management L.P. raised its stake in Core Scientific by 11.4% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock worth $189,842,000 after purchasing an additional 1,338,796 shares during the period. Apollo Management Holdings L.P. purchased a new position in Core Scientific during the second quarter worth about $115,671,000. Avala Global LP acquired a new position in Core Scientific in the 2nd quarter valued at about $101,729,000. Finally, Bank of America Corp DE purchased a new stake in shares of Core Scientific in the 2nd quarter valued at approximately $93,668,000.

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.