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

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $12.45, for a total value of $124,500.00. Following the completion of the sale, the insider owned 1,113,286 shares of the company’s stock, valued at approximately $13,860,410.70. The trade was a 0.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Core Scientific Stock Down 1.3%

NASDAQ CORZ opened at $14.38 on Friday. Core Scientific, Inc. has a 52 week low of $10.59 and a 52 week high of $30.46. The business’s fifty day simple moving average is $15.46 and its 200-day simple moving average is $19.39. The firm has a market cap of $4.63 billion, a PE ratio of 56.04 and a beta of 5.56.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.52. Core Scientific had a negative net margin of 18.31% and a negative return on equity of 70.05%. The firm had revenue of $232.87 million for the quarter, compared to analysts’ expectations of $196.54 million. Research analysts expect that Core Scientific, Inc. will post 0.08 EPS for the current year.

Institutional Trading of Core Scientific

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE increased its position in shares of Core Scientific by 412.5% during the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after acquiring an additional 3,868,535 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of Core Scientific by 22.1% in the 1st quarter. California State Teachers Retirement System now owns 288,936 shares of the company’s stock valued at $4,322,000 after acquiring an additional 52,260 shares during the period. Man Group plc purchased a new stake in shares of Core Scientific in the 2nd quarter valued at approximately $1,986,000. Capelight Capital Asset Management LP lifted its holdings in shares of Core Scientific by 26.1% in the 3rd quarter. Capelight Capital Asset Management LP now owns 945,582 shares of the company’s stock worth $15,110,000 after acquiring an additional 195,582 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Core Scientific by 45.0% in the 2nd quarter. Wellington Management Group LLP now owns 1,123,721 shares of the company’s stock worth $28,756,000 after acquiring an additional 348,645 shares during the last quarter.

Wall Street Analyst Weigh In

Several research firms have weighed in on CORZ. Rothschild & Co Redburn initiated coverage on shares of Core Scientific in a report on Monday, September 21st. They issued a “neutral” rating and a $16.00 target price on the stock. Wall Street Zen upgraded shares of Core Scientific from a “sell” rating to a “hold” rating in a report on Saturday, November 7th. Capital One Financial set a $33.00 price target on shares of Core Scientific in a report on Thursday, July 30th. Citigroup reaffirmed a “market outperform” rating on shares of Core Scientific in a research report on Tuesday. Finally, B. Riley Financial decreased their price objective on Core Scientific from $31.00 to $27.00 and set a “buy” rating on the stock in a report on Monday. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $30.32.

Core Scientific Company Profile

Core Scientific, Inc. is a U.S.-based digital infrastructure company that operates data centers and provides computing services. Its business includes mining bitcoin, which involves using specialized computers to help process transactions and secure the Bitcoin network, as well as hosting equipment for third-party mining customers. The company also provides data center infrastructure for high-performance computing workloads, including artificial intelligence applications. Its facilities and services are designed to support the power, cooling, and computing needs of these operations.