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 dated Monday, November 2nd. The stock was sold at an average price of $12.78, for a total value of $127,800.00. Following the completion of the sale, the insider owned 1,123,286 shares in the company, valued at approximately $14,355,595.08. The trade was a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Core Scientific Trading Down 10.4%

NASDAQ:CORZ traded down $1.48 during trading hours on Wednesday, hitting $12.76. 24,282,797 shares of the stock were exchanged, compared to its average volume of 12,886,532. The firm’s fifty day moving average price is $16.02 and its 200 day moving average price is $19.58. Core Scientific, Inc. has a 52-week low of $12.31 and a 52-week high of $30.46. The company has a market cap of $4.10 billion, a P/E ratio of -2.89 and a beta of 5.56.

Institutional Trading of Core Scientific

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Parkside Financial Bank & Trust lifted its holdings in shares of Core Scientific by 1,371.3% in 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 last quarter. CoreCap Advisors LLC purchased a new stake in Core Scientific in the second quarter valued at approximately $36,000. Parallel Advisors LLC lifted its stake in Core Scientific by 125.0% during the third quarter. Parallel Advisors LLC now owns 1,800 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares in the last quarter. Rakuten Securities Inc. acquired a new position in Core Scientific during the second quarter worth $47,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Core Scientific during the third quarter worth $42,000.

Analysts Set New Price Targets

A number of research analysts have weighed in on CORZ shares. Compass Point restated a “buy” rating and issued a $36.00 price objective on shares of Core Scientific in a report on Wednesday, July 29th. BTIG Research reaffirmed a “buy” rating and set a $38.00 target price on shares of Core Scientific in a report on Thursday, October 15th. Capital One Financial set a $33.00 target price on shares of Core Scientific in a research report on Thursday, July 30th. Needham & Company LLC raised their price target on shares of Core Scientific from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $25.00 to $28.00 in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $31.28.

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.