Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $262,500.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $26.25, for a total value of $262,500.00. Following the transaction, the insider directly owned 2,088,895 shares of the company’s stock, valued at approximately $54,833,493.75. The trade was a 0.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Core Scientific Trading Down 3.3%

CORZ opened at $26.85 on Friday. The company has a market cap of $8.54 billion, a P/E ratio of -23.55 and a beta of 5.45. The company’s 50 day moving average is $20.43 and its 200-day moving average is $18.01. Core Scientific, Inc. has a 1-year low of $10.45 and a 1-year high of $28.19.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The company had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. Core Scientific’s revenue was up 44.9% compared to the same quarter last year. During the same period last year, the firm posted $1.25 earnings per share. On average, equities analysts forecast that Core Scientific, Inc. will post 0.16 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on CORZ. Wall Street Zen upgraded shares of Core Scientific to a “sell” rating in a research report on Saturday, March 14th. BTIG Research raised their target price on shares of Core Scientific from $23.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Canaccord Genuity Group set a $30.00 target price on shares of Core Scientific in a research report on Friday, May 8th. LADENBURG THALM/SH SH cut their target price on shares of Core Scientific from $24.50 to $23.75 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Finally, Needham & Company LLC raised their target price on shares of Core Scientific from $23.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $28.33.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds have recently modified their holdings of CORZ. Allworth Financial LP lifted its holdings in shares of Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after purchasing an additional 950 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Core Scientific by 936.7% during the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after purchasing an additional 1,686 shares during the period. Osaic Holdings Inc. lifted its holdings in shares of Core Scientific by 112.1% during the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after purchasing an additional 1,066 shares during the period. Danske Bank A S acquired a new position in shares of Core Scientific during the fourth quarter worth $36,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Core Scientific by 41.3% during the first quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock worth $66,000 after purchasing an additional 1,285 shares during the period.

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.