Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $163,100.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $16.31, for a total value of $163,100.00. Following the sale, the insider directly owned 1,169,668 shares in the company, valued at $19,077,285.08. This trade represents a 0.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Core Scientific Stock Performance

Shares of CORZ traded down $0.74 during midday trading on Wednesday, hitting $15.94. 9,295,427 shares of the company traded hands, compared to its average volume of 12,532,229. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of -3.61 and a beta of 5.49. Core Scientific, Inc. has a 52 week low of $13.35 and a 52 week high of $30.46. The firm has a 50 day moving average of $18.33 and a 200-day moving average of $21.11.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data 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 business had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. Sell-side analysts predict that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CORZ shares. Loop Capital set a $40.00 target price on shares of Core Scientific in a research report on Friday, June 12th. Wolfe Research reaffirmed a “buy” rating on shares of Core Scientific in a research report on Wednesday, July 29th. Capital One Financial set a $33.00 price target on Core Scientific in a research report on Thursday, July 30th. BTIG Research restated a “buy” rating and issued a $38.00 price objective on shares of Core Scientific in a report on Tuesday, July 28th. Finally, Lucid Cap Mkts raised shares of Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $30.86.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds have recently made changes to their positions in CORZ. Parkside Financial Bank & Trust grew its stake in Core Scientific by 1,371.3% in the second quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock valued at $30,000 after purchasing an additional 1,097 shares during the last quarter. CoreCap Advisors LLC bought a new stake in shares of Core Scientific in the 2nd quarter valued at about $36,000. Rakuten Securities Inc. bought a new stake in shares of Core Scientific in the 2nd quarter valued at about $47,000. PNC Financial Services Group Inc. grew its position in shares of Core Scientific by 41.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock worth $66,000 after buying an additional 1,285 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Core Scientific by 34.5% during the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock worth $78,000 after acquiring an additional 782 shares in the last quarter.

Core Scientific Company Profile

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.