Insider Selling: Core Scientific (NASDAQ:CORZ) Insider Sells $135,600.00 in Stock

Key Points

• Insider sale: Core Scientific insider Todd Duchene sold 10,000 shares for $135,600, reducing his direct ownership by 0.87% to 1,133,286 shares.
• Stock and earnings: CORZ rose 5.2% to $15.01, but the company reported a quarterly loss of $3.32 per share, substantially missing the $0.06 consensus estimate; revenue exceeded expectations at $164.2 million.
• Analyst outlook: Despite mixed ratings, Core Scientific carries a “Moderate Buy” consensus with an average price target of $31.78, well above its reported trading price.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of the firm's stock in a transaction on Monday, October 26th. The shares were sold at an average price of $13.56, for a total value of $135,600.00. Following the sale, the insider directly owned 1,133,286 shares of the company's stock, valued at $15,367,358.16. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Core Scientific Stock Up 5.2%

CORZ traded up $0.74 during trading on Wednesday, hitting $15.01. The company's stock had a trading volume of 15,024,545 shares, compared to its average volume of 12,792,942. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of -3.40 and a beta of 5.49. The firm's 50 day moving average price is $16.46 and its two-hundred day moving average price is $19.67. Core Scientific, Inc. has a 12 month low of $12.31 and a 12 month high of $30.46.

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, sell-side analysts forecast that Core Scientific, Inc. will post -1.36 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on CORZ shares. Wells Fargo & Company assumed coverage on shares of Core Scientific in a research report on Thursday, September 17th. They issued an "overweight" rating and a $28.00 price objective for the company. Freedom Capital raised shares of Core Scientific from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Core Scientific in a research report on Thursday, October 15th. Capital One Financial set a $33.00 price target on shares of Core Scientific in a research note on Thursday, July 30th. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $36.00 price target on shares of Core Scientific in a research note on Thursday, October 15th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Core Scientific presently has a consensus rating of "Moderate Buy" and an average target price of $31.78.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently made changes to their positions in CORZ. Partners Wealth Management LLC acquired a new position in Core Scientific in the third quarter valued at about $317,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Core Scientific by 5,468.6% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 389,800 shares of the company's stock worth $6,229,000 after buying an additional 382,800 shares during the last quarter. Capelight Capital Asset Management LP boosted its holdings in Core Scientific by 26.1% during the third quarter. Capelight Capital Asset Management LP now owns 945,582 shares of the company's stock worth $15,110,000 after buying an additional 195,582 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in Core Scientific by 459.8% during the third quarter. Sterling Capital Management LLC now owns 9,970 shares of the company's stock worth $159,000 after buying an additional 8,189 shares during the last quarter. Finally, Genesee Capital Advisors LLC acquired a new position in shares of Core Scientific during the 3rd quarter worth about $165,000.

About Core Scientific

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.

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