Key Points
- Insider sale: Core Scientific insider Todd Duchene sold 10,000 shares at an average price of $26.25, totaling $262,500. After the sale, he still directly owned 2,088,895 shares.
- Stock and earnings backdrop: CORZ opened at $27.76, near its 52-week high of $28.19, and the company’s latest quarterly results missed earnings expectations with EPS of -$1.06 versus an expected -$0.02. Revenue rose 44.9% year over year to $115.24 million, but still came in slightly below estimates.
- Analyst and institutional sentiment: Wall Street consensus remains Moderate Buy with a target price of $28.33, though ratings are mixed. Several large investors have recently added stakes, including Vanguard, Jericho Capital, and Oaktree.
Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $26.25, for a total value of $262,500.00. Following the sale, the insider directly owned 2,088,895 shares of the company's stock, valued at $54,833,493.75. This represents a 0.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Core Scientific Price Performance
NASDAQ CORZ opened at $27.76 on Friday. The business has a 50 day simple moving average of $20.22 and a 200 day simple moving average of $17.95. Core Scientific, Inc. has a one year low of $10.45 and a one year high of $28.19. The stock has a market capitalization of $8.82 billion, a P/E ratio of -24.35 and a beta of 5.45.
Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The company had revenue of $115.24 million during the quarter, compared to analyst estimates of $117.04 million. During the same period in the prior year, the company earned $1.25 earnings per share. Core Scientific's revenue for the quarter was up 44.9% compared to the same quarter last year. Equities analysts expect that Core Scientific, Inc. will post 0.11 earnings per share for the current year.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on CORZ shares. Wall Street Zen raised Core Scientific to a "sell" rating in a research note on Saturday, March 14th. Jefferies Financial Group raised their target price on Core Scientific from $24.00 to $37.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. HC Wainwright reaffirmed a "buy" rating and set a $25.00 target price on shares of Core Scientific in a research note on Tuesday, March 3rd. B. Riley Financial raised their target price on Core Scientific from $30.00 to $33.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Core Scientific in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.33.
Get Our Latest Report on Core Scientific
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in CORZ. Jericho Capital Asset Management L.P. bought a new position in Core Scientific in the third quarter worth approximately $209,895,000. Situational Awareness LP boosted 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 acquiring an additional 8,575,944 shares in the last quarter. Value Aligned Research Advisors LLC bought a new position in Core Scientific in the fourth quarter worth approximately $117,786,000. Oaktree Capital Management LP bought a new position in Core Scientific in the third quarter worth approximately $114,829,000. Finally, Vanguard Group Inc. boosted its holdings in Core Scientific by 18.7% in the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock worth $494,462,000 after acquiring an additional 5,359,710 shares in the last quarter.
About Core Scientific
(
Get Free Report)
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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