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

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $22.23, for a total transaction of $222,300.00. Following the sale, the insider directly owned 1,979,101 shares in the company, valued at $43,995,415.23. This trade represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Core Scientific Price Performance

CORZ stock opened at $21.05 on Friday. The company has a 50 day moving average price of $24.71 and a 200 day moving average price of $20.95. Core Scientific, Inc. has a fifty-two week low of $13.14 and a fifty-two week high of $30.46. The stock has a market capitalization of $6.76 billion, a PE ratio of -4.76 and a beta of 5.59.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The business had revenue of $164.20 million during the quarter, compared to analysts’ expectations of $144.83 million. As a group, equities analysts expect that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after buying an additional 5,359,710 shares during the last quarter. Situational Awareness LP increased its stake in shares of Core Scientific by 42.5% in the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock valued at $418,694,000 after acquiring an additional 8,575,944 shares during the last quarter. Jericho Capital Asset Management L.P. raised its position in shares of Core Scientific by 11.4% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock valued at $189,842,000 after acquiring an additional 1,338,796 shares during the period. Value Aligned Research Advisors LLC acquired a new stake in shares of Core Scientific in the 4th quarter valued at approximately $117,786,000. Finally, Geode Capital Management LLC raised its position in shares of Core Scientific by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock valued at $111,417,000 after acquiring an additional 109,145 shares during the period.

Analysts Set New Price Targets

A number of analysts recently commented on CORZ shares. BTIG Research reiterated a “buy” rating and issued a $38.00 price objective on shares of Core Scientific in a research report on Tuesday, July 28th. Capital One Financial set a $33.00 target price on shares of Core Scientific in a research report on Thursday, July 30th. Loop Capital set a $40.00 target price on shares of Core Scientific in a research note on Friday, June 12th. Freedom Capital raised shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Finally, Cantor Fitzgerald lifted their price target on shares of Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $32.18.

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.