Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $174,500.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $17.45, for a total transaction of $174,500.00. Following the completion of the transaction, the insider directly owned 1,937,896 shares of the company’s stock, valued at $33,816,285.20. This represents a 0.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Core Scientific Stock Down 6.3%

Shares of Core Scientific stock opened at $16.51 on Friday. The stock’s 50-day simple moving average is $21.85 and its 200-day simple moving average is $21.02. Core Scientific, Inc. has a 52 week low of $13.14 and a 52 week high of $30.46. The company has a market capitalization of $5.31 billion, a price-to-earnings ratio of -3.74 and a beta of 5.59.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $144.83 million. On average, equities analysts expect that Core Scientific, Inc. will post -1.36 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Core Scientific by 18.7% in the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock valued at $494,462,000 after purchasing an additional 5,359,710 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Core Scientific by 412.5% in the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock worth $71,903,000 after purchasing an additional 3,868,535 shares during the period. Jennison Associates LLC bought a new position in shares of Core Scientific during the 4th quarter valued at approximately $14,075,000. Oasis Management Co Ltd. bought a new position in shares of Core Scientific during the 4th quarter valued at approximately $38,493,000. Finally, Sandro Wealth Management LLC purchased a new stake in Core Scientific during the 4th quarter valued at $4,493,000.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CORZ shares. B. Riley Financial increased their price objective on shares of Core Scientific from $33.00 to $42.00 and gave the company a “buy” rating in a report on Monday, August 3rd. 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 upgraded shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. Finally, Compass Point reiterated a “buy” rating and issued a $36.00 price target on shares of Core Scientific in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.