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

Key Points

• Insider Todd Duchene sold 10,000 Core Scientific shares at an average price of $16.31, generating $163,100 and reducing his ownership by 0.85% to 1,169,668 shares.
• Core Scientific shares fell 4.4% to $15.94, while the company reported a quarterly loss of $3.32 per share—well below the $0.06 loss analysts expected—despite revenue exceeding forecasts.
• Institutional investors, including BlackRock and Apollo Management, recently established major positions, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $30.86.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $16.31, for a total value of $163,100.00. Following the completion of the sale, the insider owned 1,169,668 shares of the company's stock, valued at $19,077,285.08. The trade was a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Core Scientific Stock Down 4.4%

CORZ traded down $0.74 during midday trading on Wednesday, hitting $15.94. 9,295,427 shares of the company traded hands, compared to its average volume of 12,532,229. The firm has a market capitalization of $5.12 billion, a PE ratio of -3.61 and a beta of 5.49. The company's 50-day moving average is $18.33 and its 200 day moving average is $21.11. Core Scientific, Inc. has a 52 week low of $13.35 and a 52 week high of $30.46.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Core Scientific during the 2nd quarter valued at $719,649,000. Apollo Management Holdings L.P. purchased a new stake in Core Scientific in the 2nd quarter worth $115,671,000. Fifth Third Bancorp purchased a new stake in Core Scientific in the 1st quarter worth $59,802,000. Avala Global LP bought a new stake in Core Scientific during the second quarter valued at about $101,729,000. Finally, Bank of America Corp DE raised its holdings in Core Scientific by 412.5% during the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company's stock valued at $71,903,000 after acquiring an additional 3,868,535 shares during the period.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CORZ shares. Rothschild & Co Redburn initiated coverage on Core Scientific in a report on Monday, September 21st. They issued a "neutral" rating and a $16.00 price objective for the company. UBS Group initiated coverage on Core Scientific in a report on Wednesday, September 23rd. They issued a "buy" rating and a $24.00 target price on the stock. Keefe, Bruyette & Woods upgraded Core Scientific from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $25.00 to $28.00 in a research note on Thursday, July 30th. Needham & Company LLC upped their price target on shares of Core Scientific from $29.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Finally, BTIG Research reiterated a "buy" rating and issued a $38.00 price objective on shares of Core Scientific in a research note on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $30.86.

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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