Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $199,700.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $19.97, for a total value of $199,700.00. Following the sale, the insider owned 1,969,101 shares of the company’s stock, valued at approximately $39,322,946.97. The trade was a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Core Scientific Stock Performance

Shares of NASDAQ CORZ opened at $20.18 on Friday. The stock has a market capitalization of $6.48 billion, a P/E ratio of -4.57 and a beta of 5.59. The stock’s fifty day moving average is $23.78 and its 200 day moving average is $21.00. Core Scientific, Inc. has a 52 week low of $13.14 and a 52 week high of $30.46.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The company had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. Equities research analysts forecast that Core Scientific, Inc. will post -1.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CORZ has been the topic of several analyst reports. Loop Capital set a $40.00 price target on shares of Core Scientific in a research report on Friday, June 12th. Sanford C. Bernstein restated an “outperform” rating and set a $32.00 price objective on shares of Core Scientific in a research report on Wednesday, June 3rd. Freedom Capital upgraded Core Scientific from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Needham & Company LLC upped their target price on Core Scientific from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods raised Core Scientific from a “market perform” rating to an “outperform” rating and raised their target price for the company from $25.00 to $28.00 in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Core Scientific presently has a consensus rating of “Moderate Buy” and an average price target of $32.18.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CORZ. AQR Capital Management LLC grew its holdings in shares of Core Scientific by 106.1% during the 1st quarter. AQR Capital Management LLC now owns 283,432 shares of the company’s stock valued at $2,052,000 after purchasing an additional 145,905 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Core Scientific by 180.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company’s stock valued at $8,032,000 after purchasing an additional 714,388 shares during the last quarter. Cetera Investment Advisers boosted its position in Core Scientific by 200.0% in the second quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock valued at $663,000 after buying an additional 25,878 shares in the last quarter. Franklin Resources Inc. acquired a new stake in Core Scientific in the second quarter valued at approximately $181,000. Finally, Russell Investments Group Ltd. boosted its position in Core Scientific by 61.9% in the second quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock valued at $67,000 after buying an additional 1,507 shares in the last quarter.

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.