Insider Selling: Core Scientific, Inc. (NASDAQ:CORZ) Insider Sells 25,277 Shares of Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd M. Duchene sold 25,277 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $410,498.48. Following the transaction, the insider now directly owns 2,023,423 shares of the company’s stock, valued at $32,860,389.52. This represents a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Core Scientific Stock Performance

Shares of NASDAQ CORZ traded up $0.03 during midday trading on Tuesday, reaching $11.31. The company’s stock had a trading volume of 34,770,429 shares, compared to its average volume of 12,609,968. The company has a market cap of $3.16 billion and a P/E ratio of -2.09. Core Scientific, Inc. has a fifty-two week low of $2.61 and a fifty-two week high of $18.63. The business’s 50 day moving average price is $15.37 and its two-hundred day moving average price is $13.03.

Core Scientific (NASDAQ:CORZ) last issued its earnings results on Wednesday, November 6th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The firm had revenue of $95.35 million for the quarter, compared to the consensus estimate of $94.80 million. Sell-side analysts forecast that Core Scientific, Inc. will post 0.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Core Scientific

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. bought a new position in shares of Core Scientific in the 2nd quarter valued at $33,000. Newbridge Financial Services Group Inc. bought a new position in Core Scientific in the fourth quarter valued at about $42,000. Rise Advisors LLC raised its stake in Core Scientific by 14.3% during the third quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock worth $95,000 after acquiring an additional 1,000 shares in the last quarter. Xponance Inc. bought a new position in shares of Core Scientific in the second quarter worth about $104,000. Finally, KBC Group NV bought a new position in shares of Core Scientific in the fourth quarter worth about $114,000.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Roth Capital raised Core Scientific to a “strong-buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald restated an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a report on Thursday, October 3rd. Craig Hallum began coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price for the company. Keefe, Bruyette & Woods began coverage on shares of Core Scientific in a research report on Monday. They set an “outperform” rating and a $22.00 price target on the stock. Finally, Jefferies Financial Group initiated coverage on Core Scientific in a report on Monday, October 28th. They issued a “buy” rating and a $19.00 price objective for the company. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $19.07.

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.