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

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $29.29, for a total transaction of $292,900.00. Following the transaction, the insider owned 2,048,895 shares of the company’s stock, valued at $60,012,134.55. The trade was a 0.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Core Scientific Stock Performance

Core Scientific stock traded down $1.37 during mid-day trading on Wednesday, reaching $27.79. The company’s stock had a trading volume of 12,664,958 shares, compared to its average volume of 12,787,708. Core Scientific, Inc. has a 12 month low of $11.81 and a 12 month high of $30.46. The business’s 50 day simple moving average is $24.41 and its 200 day simple moving average is $19.46. The company has a market capitalization of $8.83 billion, a price-to-earnings ratio of -24.38 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The business had revenue of $115.24 million for the quarter, compared to analysts’ expectations of $117.04 million. During the same quarter in the previous year, the business earned $1.25 earnings per share. Core Scientific’s quarterly revenue was up 44.9% on a year-over-year basis. As a group, sell-side analysts expect that Core Scientific, Inc. will post 0.08 EPS for the current year.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in Core Scientific by 106.1% in 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 increased its position in Core Scientific by 180.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company’s stock worth $8,032,000 after buying an additional 714,388 shares during the last quarter. Cetera Investment Advisers raised its stake 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 during the period. Franklin Resources Inc. bought a new stake in Core Scientific in the second quarter valued at approximately $181,000. Finally, Russell Investments Group Ltd. lifted its position in shares of 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 during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CORZ shares. Jefferies Financial Group upped their target price on Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Canaccord Genuity Group set a $30.00 price target on Core Scientific in a research note on Friday, May 8th. Loop Capital set a $40.00 price target on Core Scientific in a research report on Friday, June 12th. Cantor Fitzgerald upped their price objective on Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Finally, Lucid Cap Mkts raised Core Scientific to a “strong-buy” rating in a report on Friday, June 12th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $29.49.

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.