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

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $15.12, for a total transaction of $151,200.00. Following the transaction, the insider directly owned 1,159,668 shares in the company, valued at $17,534,180.16. The trade was a 0.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Core Scientific Trading Down 12.4%

NASDAQ:CORZ opened at $13.51 on Thursday. Core Scientific, Inc. has a one year low of $13.35 and a one year high of $30.46. The stock has a 50-day simple moving average of $17.58 and a 200 day simple moving average of $21.05.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing the consensus estimate 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. Equities research analysts predict that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CORZ. Needham & Company LLC boosted their price target on Core Scientific from $29.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Citigroup reaffirmed a “market outperform” rating on shares of Core Scientific in a report on Wednesday. Rothschild & Co Redburn started coverage on shares of Core Scientific in a research note on Monday, September 21st. They set a “neutral” rating and a $16.00 target price for the company. Compass Point reiterated a “buy” rating and set a $36.00 target price on shares of Core Scientific in a research note on Wednesday, July 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $39.00 target price on shares of Core Scientific in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Core Scientific currently has an average rating of “Moderate Buy” and an average price target of $31.36.

Hedge Funds Weigh In On Core Scientific

Large investors have recently bought and sold shares of the business. Bank of America Corp DE grew its position in 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 last quarter. California State Teachers Retirement System increased its stake in shares of Core Scientific by 22.1% in the first quarter. California State Teachers Retirement System now owns 288,936 shares of the company’s stock valued at $4,322,000 after purchasing an additional 52,260 shares during the period. Man Group plc bought a new stake in shares of Core Scientific during the second quarter valued at approximately $1,986,000. Wellington Management Group LLP raised its holdings in shares of Core Scientific by 45.0% during the second quarter. Wellington Management Group LLP now owns 1,123,721 shares of the company’s stock valued at $28,756,000 after buying an additional 348,645 shares during the last quarter. Finally, Union Square Park Capital Management LLC bought a new stake in shares of Core Scientific during the first quarter valued at approximately $1,496,000.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers in the United States. Its business has historically centered on cryptocurrency mining, particularly the processing of transactions on the Bitcoin network, while also providing hosting and infrastructure services to other mining and technology customers.

The company is expanding its data center capabilities to support high-performance computing and artificial intelligence workloads. Its services include data center operations, power and equipment management, hosting, and related infrastructure support for customers that require substantial computing capacity.

Core Scientific was founded in 2017 and became a publicly traded company through a business combination in 2022.