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

Key Points

• Insider sale: Director Todd Duchene sold 10,000 shares at an average price of $16.49 under a Rule 10b5-1 plan, a 0.49% reduction that leaves him with 2,037,089 shares valued at about $33.6 million.
• Earnings and market reaction: Core Scientific reported Q1 EPS of $0.42 (beating estimates) but revenue of $79.76 million missed expectations and fell 16% year-over-year; the stock traded up about 4.9% to $17.66 on elevated volume.
• Institutional and analyst sentiment: Large funds (Vanguard, Situational Awareness, Jericho, etc.) significantly increased stakes, and analysts collectively rate the stock a "Moderate Buy" with an average price target of $24.84.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of the business's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $16.49, for a total transaction of $164,900.00. Following the completion of the transaction, the insider owned 2,037,089 shares in the company, valued at $33,591,597.61. The trade was a 0.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Core Scientific Trading Up 4.9%

Shares of CORZ stock traded up $0.83 during mid-day trading on Wednesday, reaching $17.66. The stock had a trading volume of 14,654,860 shares, compared to its average volume of 11,519,475. The stock's 50-day moving average price is $16.73 and its two-hundred day moving average price is $17.19. Core Scientific, Inc. has a 52-week low of $6.20 and a 52-week high of $23.63. The firm has a market capitalization of $5.57 billion, a PE ratio of 15.09 and a beta of 6.34.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings data on Monday, March 2nd. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.27) by $0.69. The firm had revenue of $79.76 million during the quarter, compared to analysts' expectations of $118.45 million. During the same quarter in the previous year, the firm posted ($0.69) EPS. Core Scientific's revenue was down 16.0% compared to the same quarter last year. On average, equities research analysts forecast that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Hedge Funds Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock valued at $494,462,000 after buying an additional 5,359,710 shares during the period. Situational Awareness LP increased its position in shares of Core Scientific by 42.5% during the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company's stock valued at $418,694,000 after buying an additional 8,575,944 shares during the period. Jericho Capital Asset Management L.P. increased its position in shares of Core Scientific by 11.4% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company's stock valued at $189,842,000 after buying an additional 1,338,796 shares during the period. Value Aligned Research Advisors LLC bought a new stake in Core Scientific during the fourth quarter worth about $117,786,000. Finally, Geode Capital Management LLC boosted its stake in Core Scientific by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company's stock worth $111,417,000 after acquiring an additional 109,145 shares in the last quarter.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CORZ shares. BTIG Research upgraded shares of Core Scientific from a "neutral" rating to a "buy" rating and set a $23.00 price objective on the stock in a research report on Tuesday, January 6th. LADENBURG THALM/SH SH reduced their price target on shares of Core Scientific from $24.50 to $23.75 and set a "buy" rating on the stock in a research report on Tuesday, March 3rd. Citigroup upgraded shares of Core Scientific from a "market perform" rating to an "outperform" rating in a research report on Thursday, December 18th. Zacks Research upgraded shares of Core Scientific from a "strong sell" rating to a "hold" rating in a research report on Tuesday, January 13th. Finally, Needham & Company LLC upgraded shares of Core Scientific from a "hold" rating to a "buy" rating and set a $23.00 price target on the stock in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $24.84.

Core Scientific Company Profile

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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