Core Scientific (NASDAQ:CORZ) Insider Sells $281,900.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $28.19, for a total value of $281,900.00. Following the transaction, the insider owned 2,058,895 shares in the company, valued at approximately $58,040,250.05. This trade represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Core Scientific Price Performance

CORZ traded up $0.30 on Wednesday, hitting $28.38. The company had a trading volume of 13,175,083 shares, compared to its average volume of 12,803,194. Core Scientific, Inc. has a 1-year low of $10.93 and a 1-year high of $30.46. The company’s fifty day moving average price is $23.25 and its 200 day moving average price is $19.02. The stock has a market cap of $9.02 billion, a price-to-earnings ratio of -24.89 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to the consensus estimate of $117.04 million. The firm’s revenue for the quarter was up 44.9% on a year-over-year basis. During the same quarter last year, the company posted $1.25 earnings per share. On average, sell-side analysts forecast that Core Scientific, Inc. will post 0.08 EPS for the current year.

Institutional Investors Weigh In On Core Scientific

Several institutional investors and hedge funds have recently made changes to their positions in CORZ. Jericho Capital Asset Management L.P. acquired a new stake in shares of Core Scientific during the third quarter worth approximately $209,895,000. Situational Awareness LP boosted its holdings in shares of Core Scientific by 42.5% in the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after acquiring an additional 8,575,944 shares in the last quarter. Value Aligned Research Advisors LLC acquired a new position in shares of Core Scientific in the 4th quarter worth approximately $117,786,000. Oaktree Capital Management LP bought a new stake in Core Scientific during the 3rd quarter worth approximately $114,829,000. Finally, Vanguard Group Inc. grew its position in Core Scientific by 18.7% during the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after acquiring an additional 5,359,710 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CORZ shares. Sanford C. Bernstein reissued an “outperform” rating and set a $32.00 price objective on shares of Core Scientific in a research report on Wednesday, June 3rd. Wall Street Zen upgraded Core Scientific to a “sell” rating in a report on Saturday, March 14th. Cantor Fitzgerald increased their price objective on Core Scientific from $25.00 to $29.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Lucid Cap Mkts raised shares of Core Scientific to a “strong-buy” rating in a research report on Friday, June 12th. Finally, B. Riley Financial increased their price target on shares of Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. Two equities research 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.49.

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.