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 dated Monday, August 10th. The shares were sold at an average price of $19.97, for a total transaction of $199,700.00. Following the completion of the transaction, the insider owned 1,969,101 shares of the company’s stock, valued at $39,322,946.97. This represents a 0.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Core Scientific Trading Down 5.2%

Core Scientific stock opened at $19.78 on Friday. Core Scientific, Inc. has a 52 week low of $13.14 and a 52 week high of $30.46. The stock has a market cap of $6.36 billion, a price-to-earnings ratio of -4.48 and a beta of 5.59. The company’s 50-day moving average price is $23.90 and its two-hundred day moving average price is $21.01.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to the consensus estimate of $144.83 million. Research analysts expect that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CORZ has been the subject of a number of research reports. Jefferies Financial Group increased their price target on Core Scientific from $24.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. BTIG Research restated a “buy” rating and issued a $38.00 price objective on shares of Core Scientific in a report on Tuesday, July 28th. Lucid Cap Mkts raised Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. Wolfe Research reiterated a “buy” rating on shares of Core Scientific in a research report on Wednesday, July 29th. Finally, Capital One Financial set a $33.00 price target on shares of Core Scientific in a report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.18.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its position in shares of Core Scientific by 206.5% during the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock valued at $25,000 after acquiring an additional 950 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of Core Scientific by 936.7% in the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after acquiring an additional 1,686 shares during the last quarter. Osaic Holdings Inc. grew its holdings in shares of Core Scientific by 112.1% in the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after acquiring an additional 1,066 shares during the last quarter. Danske Bank A S acquired a new position in shares of Core Scientific in the 4th quarter worth $36,000. Finally, CoreCap Advisors LLC acquired a new stake in shares of Core Scientific during the second quarter worth $36,000.

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.