Core Scientific (NASDAQ:CORZ) Director Eric Stanton Weiss Purchases 7,000 Shares of Stock

Key Points

• Director Eric Stanton Weiss purchased 7,000 Core Scientific shares at an average price of $19.19, investing $134,330 and increasing his stake by 2.77% to 259,262 shares.
• Core Scientific shares fell 1.8% to $18.39, while the company’s latest quarterly results showed a significant EPS loss of $3.32 versus the expected $0.06 loss, despite revenue exceeding estimates.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $32.18, well above the reported share price.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) Director Eric Stanton Weiss acquired 7,000 shares of Core Scientific stock in a transaction that occurred on Tuesday, August 18th. The stock was bought at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the acquisition, the director owned 259,262 shares in the company, valued at $4,975,237.78. This trade represents a 2.77% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Core Scientific Stock Down 1.8%

CORZ stock traded down $0.33 during mid-day trading on Thursday, hitting $18.39. 11,526,928 shares of the company were exchanged, compared to its average volume of 12,785,720. Core Scientific, Inc. has a 12-month low of $13.14 and a 12-month high of $30.46. The firm has a market capitalization of $5.91 billion, a P/E ratio of -4.16 and a beta of 5.59. The business has a fifty day simple moving average of $23.34 and a 200-day simple moving average of $21.01.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. Research analysts predict that Core Scientific, Inc. will post -1.36 EPS for the current year.

Hedge Funds Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently made changes to their positions in CORZ. Allworth Financial LP increased its stake in shares of Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company's stock worth $25,000 after buying an additional 950 shares during the period. CoreCap Advisors LLC purchased a new position in Core Scientific in the second quarter worth approximately $36,000. Rakuten Securities Inc. purchased a new position in Core Scientific in the second quarter worth approximately $47,000. Larson Financial Group LLC grew its holdings in Core Scientific by 936.7% during the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company's stock worth $27,000 after acquiring an additional 1,686 shares in the last quarter. Finally, Osaic Holdings Inc. grew its holdings in Core Scientific by 112.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock worth $34,000 after acquiring an additional 1,066 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts have commented on CORZ shares. Sanford C. Bernstein restated an "outperform" rating and set a $32.00 price target on shares of Core Scientific in a research note on Wednesday, June 3rd. Needham & Company LLC lifted their price objective on Core Scientific from $29.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Capital One Financial set a $33.00 price objective on Core Scientific in a report on Thursday, July 30th. Canaccord Genuity Group increased their target price on Core Scientific from $30.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Finally, Jefferies Financial Group increased their target price on Core Scientific from $24.00 to $37.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Two investment 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 issued a Sell rating to the company. According to data from MarketBeat.com, Core Scientific presently has a consensus rating of "Moderate Buy" and a consensus target price of $32.18.

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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