Core Scientific, Inc. (NASDAQ:CORZ – Get Free Report) traded down 8.4% on Wednesday after an insider sold shares in the company. The stock traded as low as $23.51 and last traded at $23.4380. 3,060,439 shares changed hands during trading, a decline of 76% from the average daily volume of 12,724,052 shares. The stock had previously closed at $25.59.
Specifically, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $26.17, for a total transaction of $261,700.00. Following the sale, the insider owned 2,038,895 shares in the company, valued at approximately $53,357,882.15. This represents a 0.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Wall Street Analysts Forecast Growth
Several research analysts have commented on the stock. Jefferies Financial Group lifted their price objective on shares of Core Scientific from $24.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. B. Riley Financial raised their target price on shares of Core Scientific from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Needham & Company LLC lifted their price target on shares of Core Scientific from $23.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Sanford C. Bernstein reiterated an “outperform” rating and set a $32.00 price target on shares of Core Scientific in a report on Wednesday, June 3rd. Finally, BTIG Research increased their price objective on shares of Core Scientific from $33.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $29.78.
Core Scientific Stock Down 9.6%
The stock’s 50 day moving average price is $25.26 and its 200-day moving average price is $19.87. The stock has a market capitalization of $6.81 billion, a PE ratio of -18.80 and a beta of 5.50.
Core Scientific (NASDAQ:CORZ – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The firm had revenue of $115.24 million for the quarter, compared to analysts’ expectations of $117.04 million. During the same period in the previous year, the company earned $1.25 earnings per share. The business’s quarterly revenue was up 44.9% on a year-over-year basis. As a group, sell-side analysts predict that Core Scientific, Inc. will post 0.08 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Core Scientific
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jericho Capital Asset Management L.P. bought a new position in shares of Core Scientific during the 3rd quarter worth approximately $209,895,000. Situational Awareness LP grew its holdings in Core Scientific by 42.5% in the fourth quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after purchasing an additional 8,575,944 shares during the last quarter. Value Aligned Research Advisors LLC purchased a new position in Core Scientific in the fourth quarter worth $117,786,000. Oaktree Capital Management LP acquired a new position in shares of Core Scientific during the third quarter worth $114,829,000. Finally, Vanguard Group Inc. increased its position in shares of Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after purchasing an additional 5,359,710 shares in the last quarter.
Core Scientific Company Profile
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.
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