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 Core Scientific stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $26.25, for a total transaction of $262,500.00. Following the transaction, the insider owned 2,088,895 shares of the company’s stock, valued at $54,833,493.75. This represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Core Scientific Price Performance

Shares of NASDAQ CORZ opened at $26.85 on Friday. The stock has a market capitalization of $8.54 billion, a P/E ratio of -23.55 and a beta of 5.45. The company has a 50-day moving average price of $20.43 and a 200-day moving average price of $18.01. Core Scientific, Inc. has a 1 year low of $10.45 and a 1 year high of $28.19.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to analysts’ expectations of $117.04 million. Core Scientific’s revenue was up 44.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.25 EPS. As a group, equities research analysts anticipate that Core Scientific, Inc. will post 0.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Canaccord Genuity Group set a $30.00 price objective on shares of Core Scientific in a report on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Core Scientific in a report on Monday, April 20th. Wall Street Zen upgraded shares of Core Scientific to a “sell” rating in a report on Saturday, March 14th. Cantor Fitzgerald boosted their price target on shares of Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Finally, Jefferies Financial Group boosted their price target on shares of Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.33.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP boosted its holdings in Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after purchasing an additional 950 shares during the last quarter. Larson Financial Group LLC boosted its holdings in Core Scientific by 936.7% during the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after purchasing an additional 1,686 shares during the last quarter. Osaic Holdings Inc. raised its position in Core Scientific by 112.1% in the second 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 period. Danske Bank A S bought a new stake in Core Scientific in the fourth quarter worth about $36,000. Finally, PNC Financial Services Group Inc. raised its position in Core Scientific by 41.3% in the first quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock worth $66,000 after acquiring an additional 1,285 shares during the period.

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.