Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $209,500.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $20.95, for a total value of $209,500.00. Following the completion of the sale, the insider directly owned 1,989,101 shares in the company, valued at $41,671,665.95. This trade represents a 0.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Core Scientific Stock Down 5.0%

Shares of NASDAQ CORZ opened at $20.72 on Friday. The business’s 50 day moving average is $25.07 and its two-hundred day moving average is $20.81. The company has a market cap of $6.66 billion, a P/E ratio of -4.69 and a beta of 5.50. Core Scientific, Inc. has a 12 month low of $12.60 and a 12 month high of $30.46.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. Sell-side analysts expect that Core Scientific, Inc. will post -1.3 earnings per share for the current fiscal year.

Institutional Trading of Core Scientific

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CORZ. Handelsbanken Fonder AB lifted its stake in Core Scientific by 0.7% during the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company’s stock worth $2,418,000 after purchasing an additional 700 shares during the period. GAMMA Investing LLC raised its holdings in shares of Core Scientific by 34.5% in the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock worth $78,000 after buying an additional 782 shares in the last quarter. Avior Wealth Management LLC bought a new position in shares of Core Scientific during the 2nd quarter worth approximately $264,000. Harbor Investment Advisory LLC acquired a new stake in Core Scientific in the 2nd quarter valued at $136,000. Finally, CoreCap Advisors LLC bought a new stake in Core Scientific in the second quarter valued at $36,000.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CORZ. Lucid Cap Mkts upgraded shares of Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. Wolfe Research reaffirmed a “buy” rating on shares of Core Scientific in a research report on Wednesday. Jefferies Financial Group lifted their target price on Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. B. Riley Financial upped their price target on Core Scientific from $30.00 to $33.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Finally, Loop Capital set a $40.00 price objective on Core Scientific in a research report on Friday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.68.

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.