Core Scientific (NASDAQ:CORZ) Director Buys $109,980.00 in Stock

Key Points

• Director Elizabeth Crain bought 6,000 Core Scientific shares at an average of $18.33, investing $109,980 and increasing her direct ownership by 9.18% to 71,348 shares.
• CORZ shares traded at $17.27, down $0.54, and remain highly volatile, with a beta of 5.59 and a 52-week range of $13.14 to $30.46.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $32.18 price target, despite Core Scientific reporting a significant quarterly EPS miss.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) Director Elizabeth Crain acquired 6,000 shares of Core Scientific stock in a transaction that occurred on Thursday, August 20th. The shares were purchased at an average price of $18.33 per share, for a total transaction of $109,980.00. Following the completion of the purchase, the director directly owned 71,348 shares of the company's stock, valued at $1,307,808.84. The trade was a 9.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Core Scientific Stock Performance

Shares of CORZ traded down $0.54 during midday trading on Monday, hitting $17.27. 10,402,290 shares of the stock traded hands, compared to its average volume of 12,772,292. The business's 50 day moving average price is $22.97 and its two-hundred day moving average price is $21.01. The firm has a market capitalization of $5.55 billion, a PE ratio of -3.91 and a beta of 5.59. Core Scientific, Inc. has a 1-year low of $13.14 and a 1-year high of $30.46.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. As a group, equities research analysts forecast that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Analyst Ratings Changes

CORZ has been the topic of several recent research reports. Lucid Cap Mkts raised shares of Core Scientific to a "strong-buy" rating in a research report on Friday, June 12th. B. Riley Financial boosted their target price on shares of Core Scientific from $33.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods upgraded shares of Core Scientific from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $25.00 to $28.00 in a research note on Thursday, July 30th. BTIG Research restated a "buy" rating and set a $38.00 price target on shares of Core Scientific in a report on Tuesday, July 28th. Finally, Wolfe Research reaffirmed a "buy" rating on shares of Core Scientific in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Core Scientific presently has an average rating of "Moderate Buy" and a consensus target price of $32.18.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock worth $494,462,000 after purchasing an additional 5,359,710 shares in the last quarter. Situational Awareness LP grew its stake in Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company's stock valued at $418,694,000 after acquiring an additional 8,575,944 shares during the period. BlackRock Inc. bought a new stake in shares of Core Scientific in the second quarter valued at about $719,649,000. Jericho Capital Asset Management L.P. boosted its position in shares of Core Scientific by 11.4% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company's stock worth $189,842,000 after buying an additional 1,338,796 shares during the period. Finally, Value Aligned Research Advisors LLC acquired a new stake in Core Scientific in the 4th quarter valued at approximately $117,786,000.

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.

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