Core Scientific (NASDAQ:CORZ) Insider Todd Duchene Sells 10,000 Shares

Key Points

• Todd Duchene sold 10,000 shares of Core Scientific on April 20 at an average price of $19.80 for $198,000, leaving him with 2,000,348 shares (a 0.50% reduction in ownership).
• Core Scientific posted an EPS beat of $0.42 versus a consensus loss of $0.27 but missed revenue ($79.76M vs. $118.45M), and the stock traded up about 2% to $21.19 with a market cap near $6.69 billion.
• Analyst sentiment is broadly positive — MarketBeat shows a consensus "Moderate Buy" with an average price target of $25.07 and several firms raising targets (e.g., Cantor Fitzgerald to $29), while institutional investors have recently increased positions.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of the business's stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $19.80, for a total value of $198,000.00. Following the completion of the sale, the insider owned 2,000,348 shares in the company, valued at approximately $39,606,890.40. This trade represents a 0.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Core Scientific Trading Up 2.0%

Shares of Core Scientific stock traded up $0.42 during trading on Wednesday, reaching $21.19. The stock had a trading volume of 15,263,659 shares, compared to its average volume of 11,850,353. The company has a market capitalization of $6.69 billion, a price-to-earnings ratio of 18.11 and a beta of 6.34. The stock has a fifty day moving average price of $17.01 and a two-hundred day moving average price of $17.30. Core Scientific, Inc. has a 52 week low of $7.05 and a 52 week high of $23.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Monday, March 2nd. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.69. The company had revenue of $79.76 million for the quarter, compared to the consensus estimate of $118.45 million. During the same quarter in the previous year, the company posted ($0.69) EPS. The business's revenue was down 16.0% on a year-over-year basis. On average, equities analysts forecast that Core Scientific, Inc. will post 0.07 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Cantor Fitzgerald upped their target price on Core Scientific from $25.00 to $29.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Wall Street Zen upgraded Core Scientific to a "sell" rating in a report on Saturday, March 14th. LADENBURG THALM/SH SH dropped their target price on Core Scientific from $24.50 to $23.75 and set a "buy" rating on the stock in a report on Tuesday, March 3rd. Canaccord Genuity Group upped their target price on Core Scientific from $17.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, March 4th. Finally, BTIG Research upgraded Core Scientific from a "neutral" rating to a "buy" rating and set a $23.00 target price on the stock in a report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Core Scientific has an average rating of "Moderate Buy" and a consensus price target of $25.07.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors have recently bought and sold shares of CORZ. AQR Capital Management LLC increased its position in Core Scientific by 106.1% during the first quarter. AQR Capital Management LLC now owns 283,432 shares of the company's stock worth $2,052,000 after buying an additional 145,905 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Core Scientific by 180.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company's stock worth $8,032,000 after buying an additional 714,388 shares during the last quarter. Cetera Investment Advisers increased its position in Core Scientific by 200.0% during the second quarter. Cetera Investment Advisers now owns 38,819 shares of the company's stock worth $663,000 after buying an additional 25,878 shares during the last quarter. Franklin Resources Inc. acquired a new position in Core Scientific during the second quarter worth approximately $181,000. Finally, Russell Investments Group Ltd. increased its position in Core Scientific by 61.9% during the second quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company's stock worth $67,000 after buying an additional 1,507 shares during the last quarter.

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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