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

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the firm’s stock in a transaction on Monday, October 19th. The stock was sold at an average price of $13.87, for a total value of $138,700.00. Following the completion of the sale, the insider directly owned 1,143,286 shares of the company’s stock, valued at $15,857,376.82. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Core Scientific Stock Up 3.3%

Shares of NASDAQ CORZ opened at $14.25 on Thursday. Core Scientific, Inc. has a one year low of $12.31 and a one year high of $30.46. The business’s fifty day moving average price is $16.93 and its 200-day moving average price is $21.01.

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

Hedge Funds Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Core Scientific in the 2nd quarter worth about $719,649,000. Bank of America Corp DE boosted its position in shares of Core Scientific by 412.5% during the 1st quarter. Bank of America Corp DE now owns 4,806,363 shares of the company’s stock valued at $71,903,000 after acquiring an additional 3,868,535 shares during the last quarter. Apollo Management Holdings L.P. bought a new stake in shares of Core Scientific during the 2nd quarter valued at about $115,671,000. Fifth Third Bancorp purchased a new position in shares of Core Scientific during the first quarter worth about $59,802,000. Finally, Avala Global LP purchased a new position in shares of Core Scientific during the second quarter worth about $101,729,000.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CORZ shares. Canaccord Genuity Group reiterated a “buy” rating and set a $36.00 target price on shares of Core Scientific in a research report on Thursday, October 15th. Citigroup reissued a “market outperform” rating on shares of Core Scientific in a research report on Wednesday, October 14th. UBS Group restated a “market outperform” rating on shares of Core Scientific in a research note on Wednesday, October 14th. BTIG Research reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Core Scientific in a report on Thursday, October 15th. Finally, Needham & Company LLC raised their price objective on shares of Core Scientific from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $31.36.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.