Core Scientific (NASDAQ:CORZ) Insider Sells $222,300.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $22.23, for a total value of $222,300.00. Following the transaction, the insider owned 1,979,101 shares of the company’s stock, valued at approximately $43,995,415.23. This represents a 0.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Core Scientific Price Performance

NASDAQ:CORZ traded down $1.04 during trading hours on Wednesday, hitting $21.77. The company had a trading volume of 11,550,200 shares, compared to its average volume of 12,902,110. The stock has a 50-day moving average price of $24.95 and a 200 day moving average price of $20.91. The company has a market capitalization of $7.00 billion, a PE ratio of -4.93 and a beta of 5.59. Core Scientific, Inc. has a 52 week low of $13.14 and a 52 week high of $30.46.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The business had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. Analysts anticipate that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Institutional Trading of Core Scientific

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Core Scientific by 18.7% in the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after buying an additional 5,359,710 shares during the last quarter. Situational Awareness LP increased its position in Core Scientific by 42.5% during the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after buying an additional 8,575,944 shares in the last quarter. Jericho Capital Asset Management L.P. raised its stake in Core Scientific by 11.4% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock valued at $189,842,000 after buying an additional 1,338,796 shares during the last quarter. Value Aligned Research Advisors LLC bought a new stake in Core Scientific in the fourth quarter worth $117,786,000. Finally, Geode Capital Management LLC boosted its holdings in Core Scientific by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock worth $111,417,000 after acquiring an additional 109,145 shares in the last quarter.

Wall Street Analysts Forecast Growth

CORZ has been the topic of a number of research analyst reports. Sanford C. Bernstein reiterated an “outperform” rating and set a $32.00 target price on shares of Core Scientific in a report on Wednesday, June 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. Compass Point reissued a “buy” rating and set a $36.00 price objective on shares of Core Scientific in a research report on Wednesday, July 29th. 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 report on Thursday, May 14th. Finally, Capital One Financial set a $33.00 target price on shares of Core Scientific in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.18.

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.