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 business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $26.85, for a total transaction of $268,500.00. Following the transaction, the insider directly owned 2,068,895 shares of the company’s stock, valued at $55,549,830.75. The trade was a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Core Scientific Stock Up 6.0%

CORZ opened at $27.22 on Friday. The firm has a 50 day moving average price of $22.53 and a 200-day moving average price of $18.76. Core Scientific, Inc. has a twelve month low of $10.93 and a twelve month high of $30.46. The stock has a market capitalization of $8.65 billion, a price-to-earnings ratio of -23.88 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to analysts’ expectations of $117.04 million. During the same period last year, the firm earned $1.25 earnings per share. The firm’s revenue was up 44.9% compared to the same quarter last year. As a group, analysts expect that Core Scientific, Inc. will post 0.08 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on CORZ. Sanford C. Bernstein restated an “outperform” rating and set a $32.00 target price on shares of Core Scientific in a research report on Wednesday, June 3rd. Jefferies Financial Group boosted their target price on shares of Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Cantor Fitzgerald boosted 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. B. Riley Financial boosted their target price on shares of Core Scientific from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. Finally, Wall Street Zen upgraded shares of Core Scientific to a “sell” rating in a research report on Saturday, March 14th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Core Scientific currently has a consensus rating of “Moderate Buy” and an average price target of $28.83.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds have recently modified their holdings of CORZ. Jericho Capital Asset Management L.P. bought a new position in shares of Core Scientific in the third quarter worth approximately $209,895,000. Situational Awareness LP boosted its position in shares of Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after purchasing an additional 8,575,944 shares during the period. Value Aligned Research Advisors LLC bought a new position in shares of Core Scientific in the fourth quarter worth approximately $117,786,000. Oaktree Capital Management LP bought a new position in shares of Core Scientific in the third quarter worth approximately $114,829,000. Finally, Vanguard Group Inc. boosted its position in shares of Core Scientific by 18.7% in the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after purchasing an additional 5,359,710 shares during the period.

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.