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

Key Points

• Insider sale: Todd Duchene sold 10,000 Core Scientific shares at an average price of $16.76, generating $167,600. He retained 1,187,896 shares after the transaction.
• Stock performance and earnings: CORZ shares fell 2% to $15.98, well below their 50-day and 200-day moving averages. The company reported a quarterly loss of $3.32 per share, missing expectations, despite revenue exceeding estimates.
• Analyst outlook remains positive: Analysts collectively rate Core Scientific “Moderate Buy,” with an average price target of $30.86, although targets range from $16 to $42.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction on Monday, September 28th. The stock was sold at an average price of $16.76, for a total transaction of $167,600.00. Following the completion of the transaction, the insider directly owned 1,187,896 shares in the company, valued at $19,909,136.96. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Core Scientific Trading Down 2.0%

Shares of CORZ traded down $0.33 during midday trading on Wednesday, hitting $15.98. 9,615,708 shares of the company's stock traded hands, compared to its average volume of 12,550,549. The stock has a market capitalization of $5.14 billion, a price-to-earnings ratio of -3.62 and a beta of 5.48. Core Scientific, Inc. has a 1 year low of $13.35 and a 1 year high of $30.46. The firm's fifty day moving average is $18.93 and its 200-day moving average is $21.11.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The company had revenue of $164.20 million during the quarter, compared to analysts' expectations of $144.83 million. On average, equities research analysts anticipate that Core Scientific, Inc. will post -1.36 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Keefe, Bruyette & Woods raised shares of 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 research report on Thursday, July 30th. Compass Point restated a "buy" rating and set a $36.00 price target on shares of Core Scientific in a research note on Wednesday, July 29th. Rothschild & Co Redburn initiated coverage on shares of Core Scientific in a report on Monday, September 21st. They issued a "neutral" rating and a $16.00 price target for the company. Lucid Cap Mkts raised shares of Core Scientific to a "strong-buy" rating in a report on Friday, June 12th. Finally, B. Riley Financial upped their target price on Core Scientific from $33.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $30.86.

Institutional Trading of Core Scientific

Institutional investors and hedge funds have recently bought and sold shares of the business. Parkside Financial Bank & Trust increased its stake 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 worth $30,000 after acquiring an additional 1,097 shares during the period. CoreCap Advisors LLC purchased a new stake in Core Scientific in the second quarter valued at $36,000. Rakuten Securities Inc. purchased a new stake in Core Scientific in the second quarter valued at $47,000. GAMMA Investing LLC grew its position in Core Scientific by 34.5% during the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock worth $78,000 after purchasing an additional 782 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake 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 valued at $66,000 after buying an additional 1,285 shares during the last quarter.

About Core Scientific

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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