Core Scientific (NASDAQ:CORZ) Insider Sells $152,500.00 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $15.25, for a total transaction of $152,500.00. Following the completion of the transaction, the insider directly owned 2,047,089 shares of the company’s stock, valued at $31,218,107.25. This trade represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Core Scientific Price Performance

NASDAQ:CORZ opened at $16.23 on Friday. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 13.87 and a beta of 6.34. The company’s 50 day moving average price is $16.85 and its 200-day moving average price is $17.18. Core Scientific, Inc. has a 52 week low of $6.20 and a 52 week high of $23.63.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Monday, March 2nd. The company reported $0.42 earnings per share for the quarter, topping 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 earned ($0.69) earnings per share. Core Scientific’s revenue was down 16.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Core Scientific, Inc. will post 0.52 earnings per share for the current year.

Institutional Trading of Core Scientific

Hedge funds have recently bought and sold shares of the company. Creek Drive Management Group LLC bought a new stake in shares of Core Scientific during the 4th quarter valued at about $1,638,000. Purpose Unlimited Inc. bought a new position in shares of Core Scientific in the 4th quarter worth approximately $312,000. Osbon Capital Management LLC purchased a new position in shares of Core Scientific in the fourth quarter worth approximately $202,000. Green Ridge Wealth Planning LLC purchased a new position in shares of Core Scientific in the fourth quarter worth approximately $180,000. Finally, Caitong International Asset Management Co. Ltd grew its position in Core Scientific by 2,631.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 46,987 shares of the company’s stock valued at $684,000 after buying an additional 45,267 shares during the period.

Analyst Upgrades and Downgrades

CORZ has been the topic of several recent analyst reports. Cantor Fitzgerald dropped their price objective on Core Scientific from $26.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 3rd. HC Wainwright restated a “buy” rating and set a $25.00 target price on shares of Core Scientific in a research note on Tuesday, March 3rd. Citigroup raised shares of Core Scientific from a “market perform” rating to an “outperform” rating in a report on Thursday, December 18th. LADENBURG THALM/SH SH reduced their price target on shares of Core Scientific from $24.50 to $23.75 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Core Scientific from $19.00 to $25.00 and gave the company a “moderate buy” rating in a report on Tuesday, January 27th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.84.

About Core Scientific

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.