Insider Buying: Core Scientific (NASDAQ:CORZ) Director Acquires 6,000 Shares

Key Points

• Insider buying: Core Scientific director Eric Weiss purchased 6,000 shares at an average of $16.33, investing $97,980 and increasing his stake by 2.31% to 265,262 shares. He also bought 7,000 shares in August.
• Mixed operating performance: Core Scientific reported quarterly revenue of $164.2 million, exceeding estimates, but its loss of $3.32 per share significantly missed the consensus loss estimate of $0.06.
• Analysts remain broadly optimistic: The stock has a “Moderate Buy” consensus rating and an average price target of $31.96, despite shares recently trading at $17.14 and remaining well below their 52-week high of $30.46.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) Director Eric Weiss bought 6,000 shares of the firm's stock in a transaction dated Tuesday, September 15th. The shares were acquired at an average price of $16.33 per share, for a total transaction of $97,980.00. Following the completion of the transaction, the director owned 265,262 shares in the company, valued at $4,331,728.46. This represents a 2.31% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

Eric Stanton Weiss also recently made the following trade(s):

• On Tuesday, August 18th, Eric Weiss purchased 7,000 shares of Core Scientific stock. The shares were purchased at an average cost of $19.19 per share, with a total value of $134,330.00.

Core Scientific Price Performance

Shares of CORZ traded up $0.26 on Thursday, hitting $17.14. The company's stock had a trading volume of 11,301,332 shares, compared to its average volume of 12,602,938. The company has a market capitalization of $5.51 billion, a PE ratio of -3.88 and a beta of 5.48. Core Scientific, Inc. has a fifty-two week low of $13.35 and a fifty-two week high of $30.46. The company has a 50 day moving average price of $19.81 and a 200 day moving average price of $21.00.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported ($3.32) 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 the consensus estimate of $144.83 million. On average, equities analysts forecast that Core Scientific, Inc. will post -1.36 EPS for the current year.

Wall Street Analyst Weigh In

CORZ has been the subject of a number of research analyst reports. Compass Point reaffirmed a "buy" rating and issued a $36.00 target price on shares of Core Scientific in a research note on Wednesday, July 29th. Wolfe Research reissued a "buy" rating on shares of Core Scientific in a report on Wednesday, July 29th. Capital One Financial set a $33.00 price objective on Core Scientific in a report on Thursday, July 30th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Core Scientific in a research report on Friday, July 17th. Finally, Canaccord Genuity Group boosted their target price on Core Scientific from $30.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Core Scientific has an average rating of "Moderate Buy" and an average price target of $31.96.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Parkside Financial Bank & Trust lifted its stake in 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 buying an additional 1,097 shares during the period. CoreCap Advisors LLC bought a new stake in shares of Core Scientific in the 2nd quarter valued at about $36,000. Rakuten Securities Inc. acquired a new stake in shares of Core Scientific in the 2nd quarter valued at approximately $47,000. Larson Financial Group LLC raised its position in shares of Core Scientific by 936.7% in the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company's stock valued at $27,000 after acquiring an additional 1,686 shares during the period. Finally, GAMMA Investing LLC increased its stake in Core Scientific by 34.5% in the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock valued at $78,000 after purchasing an additional 782 shares in the last quarter.

About Core Scientific

Core Scientific, Inc NASDAQ: CORZ is a digital infrastructure company that develops and operates data centers for high-performance computing. Its business has historically centered on large-scale bitcoin mining, including the deployment and operation of specialized computing equipment and supporting power, networking and facility infrastructure.

The company also provides hosting and colocation services for digital asset miners and other high-performance computing customers. Core Scientific has increasingly focused on expanding its data center platform for artificial intelligence and other compute-intensive workloads, including infrastructure designed to support graphics processing unit (GPU) deployments.

Founded in 2017, Core Scientific operates data center facilities in the United States and emerged from Chapter 11 bankruptcy protection in January 2024.

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