Core Scientific (NASDAQ:CORZ) Reaches New 12-Month Low After Insider Selling

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price hit a new 52-week low during trading on Thursday following insider selling activity. The company traded as low as $11.86 and last traded at $11.6460, with a volume of 1,591,418 shares. The stock had previously closed at $12.76.

Specifically, insider Todd DuChene sold 10,000 shares of Core Scientific stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $12.78, for a total transaction of $127,800.00. Following the completion of the sale, the insider directly owned 1,123,286 shares of the company’s stock, valued at approximately $14,355,595.08. This trade represents a 0.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Wall Street Analyst Weigh In

CORZ has been the subject of several recent research reports. UBS Group restated a “market outperform” rating on shares of Core Scientific in a research note on Wednesday, October 14th. Rothschild & Co Redburn began coverage on Core Scientific in a research report on Monday, September 21st. They set a “neutral” rating and a $16.00 price objective on the stock. B. Riley Financial dropped their price objective on shares of Core Scientific from $42.00 to $31.00 and set a “buy” rating for the company in a research note on Friday, October 30th. Freedom Capital upgraded shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $36.00 target price on shares of Core Scientific in a report on Thursday, October 15th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Core Scientific presently has a consensus rating of “Moderate Buy” and an average price target of $31.28.

Core Scientific Trading Down 11.8%

The stock has a market capitalization of $3.61 billion, a P/E ratio of -2.52 and a beta of 5.56. The business has a 50-day moving average price of $15.92 and a two-hundred day moving average price of $19.55.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.54. The company had revenue of $232.87 million during the quarter, compared to the consensus estimate of $196.36 million. On average, sell-side analysts forecast that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Core Scientific

A number of large investors have recently bought and sold shares of the company. Parallel Advisors LLC increased its holdings in Core Scientific by 125.0% in the 3rd quarter. Parallel Advisors LLC now owns 1,800 shares of the company’s stock valued at $29,000 after buying an additional 1,000 shares during the period. Parkside Financial Bank & Trust lifted its holdings in shares of Core Scientific by 1,371.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock worth $30,000 after acquiring an additional 1,097 shares during the period. CoreCap Advisors LLC bought a new stake in shares of Core Scientific during the 2nd quarter worth approximately $36,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Core Scientific during the 3rd quarter worth approximately $42,000. Finally, Rakuten Securities Inc. acquired a new stake in shares of Core Scientific during the 2nd quarter worth approximately $47,000.

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.