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

Key Points

• Core Scientific insider Todd Duchene sold 10,000 shares at an average price of $17.45, generating $174,500. He retained 1,937,896 shares, so the sale reduced his position by 0.51%.
• Shares fell 3.4% to $17.42, well below their 50-day moving average of $22.55. The stock has traded between $13.14 and $30.46 over the past year.
• Core Scientific reported a quarterly loss of $3.32 per share, missing estimates by $3.26, despite revenue of $164.2 million exceeding forecasts. Analysts remain broadly bullish, with a “Moderate Buy” consensus and an average price target of $32.18.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of the company's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $17.45, for a total value of $174,500.00. Following the completion of the sale, the insider owned 1,937,896 shares in the company, valued at approximately $33,816,285.20. This represents a 0.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Core Scientific Stock Down 3.4%

Shares of NASDAQ CORZ traded down $0.61 during midday trading on Wednesday, reaching $17.42. 6,846,253 shares of the stock were exchanged, compared to its average volume of 12,710,528. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of -3.94 and a beta of 5.59. The firm has a 50-day simple moving average of $22.55 and a two-hundred day simple moving average of $21.02. Core Scientific, Inc. has a twelve month low of $13.14 and a twelve month high of $30.46.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its 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 company had revenue of $164.20 million for the quarter, compared to analysts' expectations of $144.83 million. Research analysts expect that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Xponance LLC raised its holdings in shares of Core Scientific by 2.5% during the 4th quarter. Xponance LLC now owns 22,896 shares of the company's stock worth $333,000 after acquiring an additional 562 shares during the period. Handelsbanken Fonder AB grew 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 purchasing an additional 700 shares during the period. Orion Porfolio Solutions LLC increased its position in Core Scientific by 5.2% during the third quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company's stock worth $279,000 after purchasing an additional 766 shares during the last quarter. GAMMA Investing LLC increased its position in Core Scientific by 34.5% during the second 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 last quarter. Finally, Bank of Montreal Can raised its stake in Core Scientific by 4.2% during the fourth quarter. Bank of Montreal Can now owns 21,592 shares of the company's stock worth $314,000 after purchasing an additional 869 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CORZ shares. Jefferies Financial Group upped their price objective on shares of Core Scientific from $24.00 to $37.00 and gave the stock a "buy" rating in a research report on Thursday, May 14th. Freedom Capital upgraded Core Scientific from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 30th. B. Riley Financial lifted their price target on Core Scientific from $33.00 to $42.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. BTIG Research reaffirmed a "buy" rating and issued a $38.00 price target on shares of Core Scientific in a report on Tuesday, July 28th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Core Scientific in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Core Scientific currently has an average rating of "Moderate Buy" and an average target price of $32.18.

About Core Scientific

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

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