Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells 10,000 Shares of Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $26.25, for a total value of $262,500.00. Following the sale, the insider directly owned 2,088,895 shares in the company, valued at $54,833,493.75. The trade was a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Core Scientific Stock Performance

NASDAQ CORZ traded up $0.56 during trading on Thursday, reaching $27.76. 15,417,150 shares of the company traded hands, compared to its average volume of 12,897,352. The stock’s 50 day moving average price is $19.99 and its two-hundred day moving average price is $17.89. The company has a market cap of $8.82 billion, a price-to-earnings ratio of -24.35 and a beta of 5.45. Core Scientific, Inc. has a 1-year low of $10.45 and a 1-year high of $28.19.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The business had revenue of $115.24 million during the quarter, compared to the consensus estimate of $117.04 million. The company’s quarterly revenue was up 44.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.25 earnings per share. Equities research analysts expect that Core Scientific, Inc. will post 0.11 EPS 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 business. Glenmede Trust Co. NA grew its position in Core Scientific by 147.2% during the 1st quarter. Glenmede Trust Co. NA now owns 53,640 shares of the company’s stock worth $802,000 after acquiring an additional 31,943 shares during the last quarter. Segall Bryant & Hamill LLC lifted its holdings in Core Scientific by 108.2% during the 1st quarter. Segall Bryant & Hamill LLC now owns 2,305,498 shares of the company’s stock worth $34,490,000 after buying an additional 1,198,020 shares in the last quarter. Bank of America Corp DE lifted its holdings in 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 worth $71,903,000 after buying an additional 3,868,535 shares in the last quarter. Anson Funds Management LP acquired a new position in Core Scientific during the 1st quarter worth $4,578,000. Finally, Amundi acquired a new position in Core Scientific during the 1st quarter worth $153,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CORZ shares. B. Riley Financial lifted their price objective on Core Scientific from $30.00 to $33.00 and gave the company a “buy” rating in a report on Wednesday. Canaccord Genuity Group set a $30.00 price objective on Core Scientific in a report on Friday, May 8th. Jefferies Financial Group boosted their target price on Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Wall Street Zen upgraded Core Scientific to a “sell” rating in a research report on Saturday, March 14th. Finally, HC Wainwright restated a “buy” rating and set a $25.00 price target on shares of Core Scientific in a research report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.33.

Core Scientific Company Profile

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.