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

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

Core Scientific Stock Down 1.9%

Core Scientific stock opened at $27.27 on Friday. The business has a fifty day moving average of $24.76 and a two-hundred day moving average of $19.61. The firm has a market cap of $8.67 billion, a P/E ratio of -23.92 and a beta of 5.49. Core Scientific, Inc. has a twelve month low of $11.81 and a twelve month high of $30.46.

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Sanford C. Bernstein reiterated an “outperform” rating and issued a $32.00 target price on shares of Core Scientific in a research note on Wednesday, June 3rd. BTIG Research raised their price target on shares of Core Scientific from $33.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. Wall Street Zen raised shares of Core Scientific to a “sell” rating in a research report on Saturday, March 14th. Loop Capital set a $40.00 price objective on shares of Core Scientific in a research note on Friday, June 12th. Finally, Cantor Fitzgerald increased their target price on shares of Core Scientific from $25.00 to $29.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $29.78.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP raised its stake in Core Scientific by 206.5% in the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after buying an additional 950 shares during the last quarter. Larson Financial Group LLC increased its holdings in shares of Core Scientific by 936.7% during the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock valued at $27,000 after acquiring an additional 1,686 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of Core Scientific by 112.1% during the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock valued at $34,000 after acquiring an additional 1,066 shares in the last quarter. Danske Bank A S purchased a new position in shares of Core Scientific in the 4th quarter valued at approximately $36,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Core Scientific by 41.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock valued at $66,000 after purchasing an additional 1,285 shares during the last quarter.

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.