Core Scientific (NASDAQ:CORZ) Hits New 12-Month Low Following Insider Selling

Key Points

• Core Scientific shares fell to a new 52-week low, trading as low as $11.86 after closing at $12.76 the prior session; the article reports the stock was down 11.8%.
• Insider Todd DuChene sold 10,000 shares for $127,800, reducing his ownership by 0.88%; he retained 1,123,286 shares.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $31.28. Core Scientific also beat quarterly estimates, reporting EPS of $0.47 and revenue of $232.87 million.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report)'s share price hit a new 52-week low on Thursday after an insider sold shares in the company. The company traded as low as $11.86 and last traded at $11.6460, with a volume of 1,591,418 shares. The stock had previously closed at $12.76.

Specifically, insider Todd DuChene sold 10,000 shares of the company's stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $12.78, for a total value of $127,800.00. Following the completion of the sale, the insider owned 1,123,286 shares in the company, valued at approximately $14,355,595.08. This represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Analyst Ratings Changes

CORZ has been the topic of a number of recent analyst reports. Compass Point restated a "buy" rating and set a $36.00 target price on shares of Core Scientific in a report on Wednesday, July 29th. Wolfe Research reaffirmed a "buy" rating on shares of Core Scientific in a research note on Wednesday, July 29th. B. Riley Financial cut their price target on shares of Core Scientific from $42.00 to $31.00 and set a "buy" rating on the stock in a research report on Friday, October 30th. Keefe, Bruyette & Woods raised shares of Core Scientific from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $25.00 to $28.00 in a research note on Thursday, July 30th. Finally, Needham & Company LLC boosted their price objective on shares of Core Scientific from $29.00 to $35.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Core Scientific presently has an average rating of "Moderate Buy" and an average target price of $31.28.

Core Scientific Trading Down 11.8%

The stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of -2.52 and a beta of 5.56. The firm's 50 day simple moving average is $15.92 and its 200-day simple moving average is $19.55.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.54. The company had revenue of $232.87 million for the quarter, compared to analyst estimates of $196.36 million. As a group, equities research analysts predict that Core Scientific, Inc. will post -1.36 earnings per share for the current year.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently modified their holdings of the company. Parallel Advisors LLC boosted its holdings in shares of Core Scientific by 125.0% during the 3rd quarter. Parallel Advisors LLC now owns 1,800 shares of the company's stock worth $29,000 after buying an additional 1,000 shares during the period. Covestor Ltd grew its stake in Core Scientific by 75.3% in the 3rd quarter. Covestor Ltd now owns 116,647 shares of the company's stock valued at $1,864,000 after buying an additional 50,100 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Core Scientific in the 3rd quarter valued at about $42,000. Partners Wealth Management LLC bought a new position in Core Scientific in the 3rd quarter valued at about $317,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position 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 acquiring an additional 382,800 shares during the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.