Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $261,700.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $26.17, for a total value of $261,700.00. Following the transaction, the insider owned 2,038,895 shares in the company, valued at approximately $53,357,882.15. This trade represents a 0.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Core Scientific Price Performance

NASDAQ:CORZ opened at $21.43 on Friday. Core Scientific, Inc. has a 12 month low of $12.42 and a 12 month high of $30.46. The firm has a market cap of $6.81 billion, a price-to-earnings ratio of -18.80 and a beta of 5.50. The company’s 50 day moving average is $25.26 and its 200-day moving average is $19.88.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data 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 company had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. During the same period in the prior year, the company posted $1.25 earnings per share. The company’s revenue for the quarter was up 44.9% compared to the same quarter last year. Research analysts predict that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.

Analyst Ratings Changes

CORZ has been the topic of several research analyst reports. BTIG Research raised their price target on Core Scientific from $33.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Canaccord Genuity Group set a $30.00 price objective on Core Scientific in a research report on Friday, May 8th. Needham & Company LLC increased their target price on Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Loop Capital set a $40.00 target price on Core Scientific in a report on Friday, June 12th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $32.00 price target on shares of Core Scientific in a research report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Core Scientific currently has a consensus rating of “Moderate Buy” and an average price target of $29.78.

Institutional Trading of Core Scientific

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings 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 stake in shares of Core Scientific during the 4th quarter worth approximately $1,252,000. Kintayl Capital LP bought a new stake in shares of Core Scientific during the third quarter valued at approximately $10,227,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of Core Scientific during the fourth quarter valued at approximately $2,980,000. Finally, Jennison Associates LLC acquired a new position in shares of Core Scientific in the fourth quarter valued at $14,075,000.

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.