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 on Tuesday, September 8th. The shares were sold at an average price of $18.67, for a total transaction of $186,700.00. Following the completion of the sale, the insider directly owned 1,217,896 shares of the company’s stock, valued at approximately $22,738,118.32. This trade represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Core Scientific Stock Down 4.0%

Core Scientific stock traded down $0.72 during trading hours on Thursday, hitting $17.37. The stock had a trading volume of 7,717,464 shares, compared to its average volume of 12,647,193. The company has a market cap of $5.58 billion, a PE ratio of -3.93 and a beta of 5.48. Core Scientific, Inc. has a fifty-two week low of $13.35 and a fifty-two week high of $30.46. The company has a 50-day moving average of $20.32 and a two-hundred day moving average of $21.02.

Core Scientific (NASDAQ:CORZ) last posted its 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 company had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. As a group, analysts forecast that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CORZ shares. Keefe, Bruyette & Woods upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $25.00 to $28.00 in a research report on Thursday, July 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a research report on Friday, July 17th. BTIG Research reaffirmed a “buy” rating and set a $38.00 price objective on shares of Core Scientific in a report on Tuesday, July 28th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $32.00 target price on shares of Core Scientific in a research note on Wednesday, June 3rd. Finally, Jefferies Financial Group boosted 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. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $32.18.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC grew its stake in shares of Core Scientific by 106.1% during the first 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 raised its position in Core Scientific by 180.9% in the 1st 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 purchasing an additional 714,388 shares during the last quarter. Cetera Investment Advisers lifted its holdings in Core Scientific by 200.0% during the 2nd quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock worth $663,000 after buying an additional 25,878 shares in the last quarter. Franklin Resources Inc. acquired a new position in Core Scientific during the 2nd quarter worth $181,000. Finally, Russell Investments Group Ltd. boosted its position in Core Scientific by 61.9% in the 2nd 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.

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.