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

Key Points

• Insider sale: Todd Duchene sold 10,000 Core Scientific shares at an average price of $15.12, totaling $151,200. He retained 1,159,668 shares after the transaction.
• Stock decline and weak earnings: CORZ fell 12.4% to $13.51, near its 52-week low, after the company reported a quarterly loss of $3.32 per share—far below the expected $0.06 loss—despite revenue exceeding estimates.
• Analyst outlook remains positive: Analysts maintain a consensus “Moderate Buy” rating with an average price target of $31.36, supported by several recent Buy and Strong Buy recommendations.

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, October 12th. The shares were sold at an average price of $15.12, for a total value of $151,200.00. Following the completion of the transaction, the insider owned 1,159,668 shares in the company, valued at $17,534,180.16. This trade represents a 0.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Core Scientific Trading Down 12.4%

CORZ stock traded down $1.92 during mid-day trading on Wednesday, hitting $13.51. The stock had a trading volume of 28,242,150 shares, compared to its average volume of 12,587,685. Core Scientific, Inc. has a 1-year low of $13.35 and a 1-year high of $30.46. The company has a fifty day moving average of $17.75 and a 200 day moving average of $21.07. The stock has a market capitalization of $4.34 billion, a price-to-earnings ratio of -3.06 and a beta of 5.49.

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

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust grew its position in shares of Core Scientific by 1,371.3% in the second quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company's stock valued at $30,000 after purchasing an additional 1,097 shares during the last quarter. CoreCap Advisors LLC acquired a new position in shares of Core Scientific during the 2nd quarter worth about $36,000. Rakuten Securities Inc. acquired a new position in shares of Core Scientific during the 2nd quarter worth about $47,000. PNC Financial Services Group Inc. lifted its position in shares of Core Scientific by 41.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company's stock worth $66,000 after purchasing an additional 1,285 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Core Scientific by 34.5% during the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock valued at $78,000 after purchasing an additional 782 shares during the period.

Analyst Ratings Changes

Several analysts have commented on the stock. Wells Fargo & Company began coverage on shares of Core Scientific in a research report on Thursday, September 17th. They issued an "overweight" rating and a $28.00 target price for the company. Citigroup restated a "market outperform" rating on shares of Core Scientific in a report on Wednesday. Needham & Company LLC lifted their price objective on shares of Core Scientific from $29.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Freedom Capital raised shares of Core Scientific from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. Finally, Canaccord Genuity Group upped their price objective on shares of Core Scientific from $30.00 to $36.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $31.36.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers in the United States. Its business has historically centered on cryptocurrency mining, particularly the processing of transactions on the Bitcoin network, while also providing hosting and infrastructure services to other mining and technology customers.

The company is expanding its data center capabilities to support high-performance computing and artificial intelligence workloads. Its services include data center operations, power and equipment management, hosting, and related infrastructure support for customers that require substantial computing capacity.

Core Scientific was founded in 2017 and became a publicly traded company through a business combination in 2022.

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