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

Key Points

• Insider Todd Duchene sold 10,000 Core Scientific shares at an average price of $22.23, generating $222,300. He retained 1,979,101 shares, with ownership decreasing by 0.50%.
• Core Scientific reported quarterly revenue of $164.2 million, exceeding estimates, but its adjusted loss of $3.32 per share was substantially worse than the expected $0.06 loss. The stock recently traded at $21.77, down $1.04.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $32.18, while several institutional investors—including Vanguard and Bank of America—recently increased their holdings.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $22.23, for a total value of $222,300.00. Following the completion of the transaction, the insider owned 1,979,101 shares in the company, valued at $43,995,415.23. This represents a 0.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Core Scientific Stock Performance

CORZ traded down $1.04 on Wednesday, reaching $21.77. The company had a trading volume of 11,550,200 shares, compared to its average volume of 12,902,110. Core Scientific, Inc. has a 52-week low of $13.14 and a 52-week high of $30.46. The company has a market cap of $7.00 billion, a price-to-earnings ratio of -4.93 and a beta of 5.59. The business has a 50 day simple moving average of $24.95 and a 200 day simple moving average of $20.91.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released 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 business had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. As a group, equities research analysts predict that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Situational Awareness LP raised its holdings in Core Scientific by 42.5% during the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company's stock valued at $418,694,000 after buying an additional 8,575,944 shares during the last quarter. Value Aligned Research Advisors LLC bought a new position in shares of Core Scientific during the fourth quarter valued at about $117,786,000. Vanguard Group Inc. boosted its holdings 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 during the period. Fifth Third Bancorp purchased a new stake in shares of Core Scientific during the first quarter worth about $59,802,000. Finally, Bank of America Corp DE grew its stake in shares of Core Scientific by 412.5% in the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company's stock worth $71,903,000 after purchasing an additional 3,868,535 shares during the last quarter.

Analysts Set New Price Targets

CORZ has been the topic of a number of research reports. Sanford C. Bernstein reissued an "outperform" rating and set a $32.00 price objective on shares of Core Scientific in a report on Wednesday, June 3rd. Capital One Financial set a $33.00 price target on shares of Core Scientific in a research note on Thursday, July 30th. Keefe, Bruyette & Woods raised shares of Core Scientific from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $25.00 to $28.00 in a research note on Thursday, July 30th. Jefferies Financial Group lifted their target price on shares of Core Scientific from $24.00 to $37.00 and gave the stock a "buy" rating in a research report on Thursday, May 14th. Finally, B. Riley Financial upped their price target on shares of Core Scientific from $33.00 to $42.00 and gave the company a "buy" rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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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