Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $268,500.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $26.85, for a total transaction of $268,500.00. Following the transaction, the insider directly owned 2,068,895 shares of the company’s stock, valued at $55,549,830.75. This represents a 0.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Core Scientific Stock Performance

Shares of CORZ opened at $27.60 on Friday. The company has a 50-day simple moving average of $22.77 and a 200-day simple moving average of $18.82. The firm has a market capitalization of $8.77 billion, a P/E ratio of -24.21 and a beta of 5.49. Core Scientific, Inc. has a 52 week low of $10.93 and a 52 week high of $30.46.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to analyst estimates of $117.04 million. The business’s revenue was up 44.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.25 earnings per share. As a group, equities analysts forecast that Core Scientific, Inc. will post 0.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CORZ shares. Wall Street Zen raised shares of Core Scientific to a “sell” rating in a research report on Saturday, March 14th. Canaccord Genuity Group set a $30.00 price objective on shares of Core Scientific in a research report on Friday, May 8th. Loop Capital set a $40.00 price target on shares of Core Scientific in a research report on Friday. B. Riley Financial increased their price target on shares of Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. Finally, Cantor Fitzgerald increased their price target on shares of Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Core Scientific presently has a consensus rating of “Moderate Buy” and an average price target of $29.49.

Institutional Trading of Core Scientific

Several large investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its stake in Core Scientific by 4.7% during the first quarter. NewEdge Advisors LLC now owns 50,543 shares of the company’s stock worth $756,000 after buying an additional 2,280 shares during the last quarter. Glenmede Trust Co. NA grew its stake in Core Scientific by 147.2% during the first quarter. Glenmede Trust Co. NA now owns 53,640 shares of the company’s stock worth $802,000 after buying an additional 31,943 shares during the last quarter. Segall Bryant & Hamill LLC grew its stake in Core Scientific by 108.2% during the first 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 during the last quarter. Bank of America Corp DE grew its stake in Core Scientific by 412.5% during the first 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 during the last quarter. Finally, Anson Funds Management LP bought a new stake in Core Scientific during the first quarter worth about $4,578,000.

About Core Scientific

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.