Key Points
- Insider sale: Core Scientific insider Todd Duchene sold 10,000 shares on June 8 at an average price of $26.85, totaling $268,500. After the sale, he still held about 2.07 million shares.
- Stock and earnings context: CORZ shares were down 4.9% in the session and opened at $25.69. The company recently reported a quarterly loss of $1.06 per share, missing estimates, even as revenue rose 44.9% year over year to $115.24 million.
- Analyst and investor sentiment: Several firms raised price targets on Core Scientific, and the stock currently carries a consensus rating of Moderate Buy with an average target price of $28.83. Major institutional investors like Vanguard and Situational Awareness LP also increased their holdings.
Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $26.85, for a total transaction of $268,500.00. Following the sale, the insider owned 2,068,895 shares of the company's stock, valued at approximately $55,549,830.75. The trade was a 0.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Core Scientific Trading Down 4.9%
Shares of NASDAQ CORZ opened at $25.69 on Thursday. Core Scientific, Inc. has a 12 month low of $10.93 and a 12 month high of $30.46. The company has a 50 day simple moving average of $22.28 and a two-hundred day simple moving average of $18.67. The stock has a market cap of $8.17 billion, a price-to-earnings ratio of -22.54 and a beta of 5.49.
Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($1.04). The company had revenue of $115.24 million for the quarter, compared to analysts' expectations of $117.04 million. During the same period in the prior year, the company posted $1.25 EPS. Core Scientific's revenue for the quarter was up 44.9% on a year-over-year basis. Analysts forecast that Core Scientific, Inc. will post 0.08 EPS for the current year.
Institutional Investors Weigh In On Core Scientific
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Core Scientific by 18.7% in the 4th 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. Situational Awareness LP increased its holdings in Core Scientific by 42.5% in the 4th 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. Jericho Capital Asset Management L.P. grew its holdings in shares of Core Scientific by 11.4% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company's stock worth $189,842,000 after buying an additional 1,338,796 shares in the last quarter. Value Aligned Research Advisors LLC purchased a new stake in shares of Core Scientific during the fourth quarter worth $117,786,000. Finally, Geode Capital Management LLC grew its holdings in shares of Core Scientific by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company's stock worth $111,417,000 after buying an additional 109,145 shares in the last quarter.
Analysts Set New Price Targets
Several research firms recently issued reports on CORZ. BTIG Research boosted their target price on shares of Core Scientific from $23.00 to $33.00 and gave the company a "buy" rating in a research note on Wednesday, May 13th. Sanford C. Bernstein reiterated an "outperform" rating and issued a $32.00 target price on shares of Core Scientific in a research note on Wednesday, June 3rd. Jefferies Financial Group boosted their target price on shares of Core Scientific from $24.00 to $37.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Wall Street Zen upgraded shares of Core Scientific to a "sell" rating in a research note on Saturday, March 14th. Finally, LADENBURG THALM/SH SH decreased their target price 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. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $28.83.
View Our Latest Report on Core Scientific
Core Scientific Company Profile
(
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.
Further Reading
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