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 the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $15.25, for a total value of $152,500.00. Following the transaction, the insider directly owned 2,047,089 shares in the company, valued at approximately $31,218,107.25. This trade represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Core Scientific Stock Performance

Core Scientific stock traded up $0.93 during mid-day trading on Thursday, reaching $16.23. The stock had a trading volume of 12,021,559 shares, compared to its average volume of 11,718,051. The firm has a market capitalization of $5.12 billion, a PE ratio of 13.87 and a beta of 6.34. Core Scientific, Inc. has a fifty-two week low of $6.20 and a fifty-two week high of $23.63. The stock’s 50-day simple moving average is $16.90 and its 200-day simple moving average is $17.18.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Monday, March 2nd. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. The firm had revenue of $79.76 million during the quarter, compared to the consensus estimate of $118.45 million. During the same quarter in the prior year, the business earned ($0.69) earnings per share. Core Scientific’s revenue for the quarter was down 16.0% on a year-over-year basis. On average, research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CORZ has been the subject of a number of analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of Core Scientific from $19.00 to $25.00 and gave the company a “moderate buy” rating in a report on Tuesday, January 27th. Cantor Fitzgerald lowered their target price on shares of Core Scientific from $26.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, March 3rd. BTIG Research raised shares of Core Scientific from a “neutral” rating to a “buy” rating and set a $23.00 price target on the stock in a research report on Tuesday, January 6th. Zacks Research upgraded Core Scientific from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 13th. Finally, Citigroup raised Core Scientific from a “market perform” rating to an “outperform” rating in a report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Core Scientific currently has an average rating of “Moderate Buy” and a consensus price target of $24.84.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds have recently bought and sold shares of the company. Creek Drive Management Group LLC purchased a new stake in shares of Core Scientific in the fourth quarter valued at about $1,638,000. Purpose Unlimited Inc. purchased a new position in Core Scientific during the fourth quarter worth about $312,000. Osbon Capital Management LLC purchased a new position in Core Scientific during the fourth quarter worth about $202,000. Green Ridge Wealth Planning LLC bought a new stake in Core Scientific in the 4th quarter worth about $180,000. Finally, Caitong International Asset Management Co. Ltd grew its position in Core Scientific by 2,631.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 46,987 shares of the company’s stock worth $684,000 after purchasing an additional 45,267 shares in the last quarter.

About Core Scientific

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.