Core Scientific (NASDAQ:CORZ) Shares Gap Down on Insider Selling

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price gapped down before the market opened on Wednesday after an insider sold shares in the company. The stock had previously closed at $14.24, but opened at $13.11. Core Scientific shares last traded at $12.9260, with a volume of 3,974,783 shares.

Specifically, insider Todd DuChene sold 10,000 shares of the company’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $12.78, for a total value of $127,800.00. Following the completion of the transaction, the insider directly owned 1,123,286 shares in the company, valued at approximately $14,355,595.08. This represents a 0.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

CORZ has been the subject of several research analyst reports. Compass Point reaffirmed a “buy” rating and issued a $36.00 target price on shares of Core Scientific in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $25.00 to $28.00 in a research report on Thursday, July 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $39.00 price target on shares of Core Scientific in a research report on Wednesday, October 14th. Citigroup reissued a “market outperform” rating on shares of Core Scientific in a research note on Wednesday, October 14th. Finally, Wolfe Research restated a “buy” rating on shares of Core Scientific in a report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $30.87.

Core Scientific News Roundup

Here are the key news stories impacting Core Scientific this week:

• Positive Sentiment: Core Scientific reported Q3 earnings of $0.47 per share, versus analysts’ expected loss, and revenue of $232.87 million, ahead of estimates near $196.5 million. The results also marked an improvement from a $0.46-per-share loss a year earlier, providing a clear fundamental boost to sentiment. Zacks Q3 earnings report
• Neutral Sentiment: Needham lowered its price target from $35 to $28 but maintained a Buy rating. The reduced target is a cautious adjustment, while the continued Buy rating signals the analyst still sees meaningful upside. The item was attributed to Benzinga; no article link was provided.
• Negative Sentiment: Insider Todd DuChene sold 10,000 shares for about $127,800. The sale was a small reduction—less than 1% of his holdings—but insider selling can weigh modestly on sentiment. Insider sale report

Core Scientific Stock Performance

The company has a market capitalization of $3.73 billion, a PE ratio of -2.57 and a beta of 5.56. The business’s 50-day moving average is $15.80 and its 200-day moving average is $19.52.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.54. The business had revenue of $232.87 million for the quarter, compared to the consensus estimate of $196.54 million. Analysts expect that Core Scientific, Inc. will post -1.36 EPS for the current year.

Institutional Trading of Core Scientific

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Core Scientific during the second quarter valued at approximately $719,649,000. Bank of America Corp DE grew its stake in shares of Core Scientific by 412.5% during the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after purchasing an additional 3,868,535 shares during the period. Apollo Management Holdings L.P. purchased a new stake in shares of Core Scientific during the 2nd quarter valued at about $115,671,000. Fifth Third Bancorp purchased a new stake in shares of Core Scientific during the 1st quarter valued at about $59,802,000. Finally, Avala Global LP bought a new position in shares of Core Scientific in the 2nd quarter worth approximately $101,729,000.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.