Core Scientific (NASDAQ:CORZ) Insider Todd Duchene Sells 10,000 Shares of Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $12.78, for a total transaction of $127,800.00. Following the completion of the sale, the insider directly owned 1,123,286 shares in the company, valued at $14,355,595.08. This trade represents a 0.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Core Scientific Trading Down 10.4%

Core Scientific stock opened at $12.76 on Thursday. Core Scientific, Inc. has a 12 month low of $12.31 and a 12 month high of $30.46. The business’s 50 day simple moving average is $15.92 and its 200 day simple moving average is $19.55. The company has a market cap of $4.10 billion, a price-to-earnings ratio of -2.89 and a beta of 5.56.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wells Fargo & Company started coverage on Core Scientific in a research note on Thursday, September 17th. They issued an “overweight” rating and a $28.00 target price on the stock. Canaccord Genuity Group reiterated a “buy” rating and set a $36.00 price target on shares of Core Scientific in a research note on Thursday, October 15th. Citigroup reiterated a “market outperform” rating on shares of Core Scientific in a research note on Wednesday, October 14th. Freedom Capital raised Core Scientific from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. Finally, Capital One Financial set a $33.00 price objective on Core Scientific in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $31.28.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC lifted its holdings in Core Scientific by 125.0% during the 3rd quarter. Parallel Advisors LLC now owns 1,800 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in Core Scientific by 1,371.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock worth $30,000 after purchasing an additional 1,097 shares during the period. CoreCap Advisors LLC bought a new position in Core Scientific in the 2nd quarter worth about $36,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Core Scientific during the 3rd quarter valued at about $42,000. Finally, Rakuten Securities Inc. purchased a new position in Core Scientific during the 2nd quarter valued at about $47,000.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.