Insider Selling: Core Scientific, Inc. (NASDAQ:CORZ) Insider Sells 50,000 Shares of Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd M. Duchene sold 50,000 shares of the business’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $12.31, for a total transaction of $615,500.00. Following the completion of the sale, the insider now directly owns 2,050,102 shares of the company’s stock, valued at $25,236,755.62. This represents a 2.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $12.19 on Friday. Core Scientific, Inc. has a one year low of $6.20 and a one year high of $18.63. The firm has a market cap of $3.63 billion, a P/E ratio of -2.25 and a beta of 6.66. The firm has a 50-day simple moving average of $8.97 and a 200-day simple moving average of $11.55.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. During the same quarter last year, the firm earned $0.78 EPS. The company’s revenue was down 55.6% compared to the same quarter last year. On average, research analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, March 11th. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research report on Friday, May 9th. Citizens Jmp upgraded shares of Core Scientific to a “strong-buy” rating and set a $15.00 price objective on the stock in a research report on Thursday, May 22nd. Oppenheimer assumed coverage on shares of Core Scientific in a research report on Wednesday, May 14th. They issued an “outperform” rating and a $15.00 price objective on the stock. Finally, JMP Securities assumed coverage on shares of Core Scientific in a research report on Thursday, May 22nd. They issued a “market outperform” rating and a $15.00 price objective on the stock. Eighteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Core Scientific currently has a consensus rating of “Buy” and a consensus price target of $18.33.

Institutional Trading of Core Scientific

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC boosted its holdings in Core Scientific by 2,937.7% during the fourth 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 in the last quarter. Vanguard Group Inc. lifted its holdings in Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after purchasing an additional 6,819,406 shares in the last quarter. Helix Partners Management LP purchased a new position in shares of Core Scientific in the fourth quarter worth about $86,498,000. Driehaus Capital Management LLC lifted its stake in shares of Core Scientific by 112.1% in the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock worth $144,212,000 after buying an additional 5,424,901 shares in the last quarter. Finally, Situational Awareness LP purchased a new position in shares of Core Scientific in the first quarter worth about $32,736,000.

About Core Scientific

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.