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

Key Points

• Core Scientific insider Todd Duchene sold 10,000 shares for $124,500 at an average price of $12.45, reducing his stake by 0.89%; he still holds 1,113,286 shares.
• The company reported quarterly earnings of $0.47 per share, beating the $0.05-per-share loss analysts expected, and revenue of $232.87 million versus a $196.54 million consensus estimate.
• Analysts’ consensus rating is Buy, with an average price target of $30.32.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $12.45, for a total value of $124,500.00. Following the completion of the transaction, the insider owned 1,113,286 shares of the company's stock, valued at $13,860,410.70. The trade was a 0.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Core Scientific Price Performance

Shares of Core Scientific stock traded down $0.19 on Thursday, reaching $14.38. 19,410,698 shares of the company were exchanged, compared to its average volume of 13,163,444. Core Scientific, Inc. has a 1-year low of $10.59 and a 1-year high of $30.46. The company has a market cap of $4.63 billion, a P/E ratio of -4.12 and a beta of 5.56. The stock's 50 day moving average price is $15.51 and its 200-day moving average price is $19.41.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.52. The firm had revenue of $232.87 million for the quarter, compared to analysts' expectations of $196.54 million. Core Scientific had a negative net margin of 18.31% and a negative return on equity of 70.05%. On average, research analysts predict that Core Scientific, Inc. will post 0.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB boosted its holdings in shares of Core Scientific by 0.7% in the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company's stock valued at $2,418,000 after acquiring an additional 700 shares during the period. GAMMA Investing LLC increased its holdings in shares of Core Scientific by 34.5% in the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock valued at $78,000 after acquiring an additional 782 shares during the period. Parallel Advisors LLC increased its holdings in shares of Core Scientific by 125.0% in the 3rd quarter. Parallel Advisors LLC now owns 1,800 shares of the company's stock valued at $29,000 after acquiring an additional 1,000 shares during the period. Parkside Financial Bank & Trust raised its position in Core Scientific by 1,371.3% in the 2nd 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. Finally, Carronade Capital Management LP raised its position in Core Scientific by 1.1% in the 1st quarter. Carronade Capital Management LP now owns 101,103 shares of the company's stock valued at $1,513,000 after purchasing an additional 1,103 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Citigroup reiterated a "market outperform" rating on shares of Core Scientific in a report on Tuesday. Rothschild & Co Redburn began coverage on Core Scientific in a research note on Monday, September 21st. They set a "neutral" rating and a $16.00 target price for the company. Wells Fargo & Company assumed coverage on Core Scientific in a report on Thursday, September 17th. They issued an "overweight" rating and a $28.00 price target for the company. Zacks Research upgraded shares of Core Scientific from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. Finally, Compass Point reiterated a "buy" rating and issued a $36.00 price target on shares of Core Scientific in a research note on Wednesday, July 29th. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $30.32.

About Core Scientific

Core Scientific, Inc. is a U.S.-based digital infrastructure company that operates data centers and provides computing services. Its business includes mining bitcoin, which involves using specialized computers to help process transactions and secure the Bitcoin network, as well as hosting equipment for third-party mining customers. The company also provides data center infrastructure for high-performance computing workloads, including artificial intelligence applications. Its facilities and services are designed to support the power, cooling, and computing needs of these operations.

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