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 Core Scientific stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $16.76, for a total value of $167,600.00. Following the transaction, the insider owned 1,187,896 shares of the company’s stock, valued at approximately $19,909,136.96. This represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Core Scientific Trading Down 2.0%

Core Scientific stock traded down $0.33 during mid-day trading on Wednesday, hitting $15.98. The company had a trading volume of 9,615,708 shares, compared to its average volume of 12,550,549. The company has a market capitalization of $5.14 billion, a price-to-earnings ratio of -3.62 and a beta of 5.48. Core Scientific, Inc. has a 12-month low of $13.35 and a 12-month high of $30.46. The company’s fifty day moving average is $18.93 and its 200-day moving average is $21.11.

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 the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to analysts’ expectations of $144.83 million. As a group, sell-side analysts expect that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Analysts Set New Price Targets

CORZ has been the subject of a number of analyst reports. Rothschild & Co Redburn initiated coverage on shares of Core Scientific in a research report on Monday, September 21st. They issued a “neutral” rating and a $16.00 price objective for the company. Compass Point restated a “buy” rating and issued a $36.00 price target on shares of Core Scientific in a research note on Wednesday, July 29th. BTIG Research reaffirmed a “buy” rating and issued a $38.00 price target on shares of Core Scientific in a report on Tuesday, July 28th. Loop Capital set a $40.00 price target on Core Scientific in a research report on Friday, June 12th. Finally, Wells Fargo & Company started coverage on Core Scientific in a report on Thursday, September 17th. They issued an “overweight” rating and a $28.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Core Scientific has a consensus rating of “Moderate Buy” and a consensus price target of $30.86.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Parkside Financial Bank & Trust lifted its stake in Core Scientific by 1,371.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock valued at $30,000 after buying an additional 1,097 shares in the last quarter. CoreCap Advisors LLC acquired a new position in shares of Core Scientific during the second quarter valued at approximately $36,000. Rakuten Securities Inc. acquired a new position in shares of Core Scientific during the second quarter valued at approximately $47,000. PNC Financial Services Group Inc. lifted its position in shares of Core Scientific by 41.3% in the first quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock valued at $66,000 after acquiring an additional 1,285 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Core Scientific by 34.5% in the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock valued at $78,000 after purchasing an additional 782 shares during the last quarter.

About Core Scientific

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.