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

Key Points

• Core Scientific insider Todd Duchene sold 10,000 shares for $127,800 at an average price of $12.78, reducing his stake by 0.88%. He retained 1,123,286 shares after the sale.
• Shares traded at $12.76 and were down $1.48 during Wednesday’s midday session; the stock was near its 52-week low of $12.31.
• Analysts’ average rating is Moderate Buy, with an average price target of $31.28. Core Scientific is also expanding beyond bitcoin mining into high-performance computing and AI hosting.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $12.78, for a total value of $127,800.00. Following the completion of the transaction, the insider owned 1,123,286 shares of the company's stock, valued at approximately $14,355,595.08. This trade represents a 0.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Core Scientific Price Performance

Shares of CORZ traded down $1.48 during midday trading on Wednesday, hitting $12.76. The stock had a trading volume of 24,282,797 shares, compared to its average volume of 12,886,532. Core Scientific, Inc. has a 1 year low of $12.31 and a 1 year high of $30.46. The firm has a market cap of $4.10 billion, a PE ratio of -2.89 and a beta of 5.56. The stock's 50 day moving average is $16.02 and its 200 day moving average is $19.58.

Institutional Trading of Core Scientific

Institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC lifted its position in shares of Core Scientific by 125.0% during the 3rd quarter. Parallel Advisors LLC now owns 1,800 shares of the company's stock valued at $29,000 after buying an additional 1,000 shares in the last quarter. Covestor Ltd raised its position in Core Scientific by 75.3% during the third quarter. Covestor Ltd now owns 116,647 shares of the company's stock worth $1,864,000 after acquiring an additional 50,100 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in Core Scientific during the third quarter worth $42,000. Partners Wealth Management LLC purchased a new position in Core Scientific during the third quarter valued at $317,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in Core Scientific by 5,468.6% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 389,800 shares of the company's stock valued at $6,229,000 after purchasing an additional 382,800 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CORZ shares. Rothschild & Co Redburn initiated coverage on shares of Core Scientific in a report on Monday, September 21st. They set a "neutral" rating and a $16.00 price objective for the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $39.00 target price on shares of Core Scientific in a report on Wednesday, October 14th. Keefe, Bruyette & Woods upgraded Core Scientific from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $25.00 to $28.00 in a report on Thursday, July 30th. Citigroup reissued a "market outperform" rating on shares of Core Scientific in a research report on Wednesday, October 14th. Finally, Needham & Company LLC increased their price objective on Core Scientific from $29.00 to $35.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $31.28.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.

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