Todd M. Duchene Sells 50,000 Shares of Core Scientific, Inc. (NASDAQ:CORZ) Stock

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd M. Duchene sold 50,000 shares of the stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $12.31, for a total transaction of $615,500.00. Following the transaction, the insider now directly owns 2,050,102 shares in the company, valued at approximately $25,236,755.62. The trade was a 2.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Core Scientific Stock Down 5.0%

Shares of CORZ traded down $0.63 during trading on Thursday, reaching $11.93. 15,821,971 shares of the company traded hands, compared to its average volume of 13,229,017. The stock has a market cap of $3.55 billion, a PE ratio of -2.21 and a beta of 6.66. The stock has a 50-day simple moving average of $8.89 and a 200-day simple moving average of $11.58. Core Scientific, Inc. has a twelve month low of $6.20 and a twelve month high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The business had revenue of $79.53 million during the quarter, compared to analyst estimates of $92.04 million. During the same quarter last year, the firm posted $0.78 EPS. The company's revenue for the quarter was down 55.6% on a year-over-year basis. On average, equities research analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Analysts Set New Price Targets

CORZ has been the topic of several recent analyst reports. HC Wainwright reaffirmed a "buy" rating and set a $17.00 price objective on shares of Core Scientific in a report on Tuesday, March 11th. Needham & Company LLC reissued a "buy" rating and issued a $16.00 price target on shares of Core Scientific in a research note on Friday, May 16th. Citigroup initiated coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They issued an "outperform" rating on the stock. Compass Point decreased their price target on shares of Core Scientific from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Finally, Citizens Jmp raised shares of Core Scientific to a "strong-buy" rating and set a $15.00 price target on the stock in a research note on Thursday, May 22nd. Eighteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $18.33.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. FMR LLC lifted its position in shares of Core Scientific by 2,937.7% during the 4th quarter. FMR LLC now owns 7,436,229 shares of the company's stock worth $104,479,000 after buying an additional 7,191,428 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Core Scientific by 54.3% during the 4th quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company's stock worth $272,270,000 after purchasing an additional 6,819,406 shares during the period. Helix Partners Management LP acquired a new position in shares of Core Scientific during the 4th quarter worth $86,498,000. Driehaus Capital Management LLC grew its stake in shares of Core Scientific by 112.1% during the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company's stock worth $144,212,000 after purchasing an additional 5,424,901 shares during the period. Finally, Situational Awareness LP acquired a new stake in Core Scientific in the 1st quarter valued at about $32,736,000.

Core Scientific Company Profile

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.

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