Key Points
- Insider sale: Core Scientific insider Todd Duchene sold 10,000 shares on June 22 at an average price of $29.29, bringing in about $292,900. He still owns 2,048,895 shares after the transaction.
- Stock and earnings context: The stock was down 4.7% and opened at $27.79, near its 12-month high of $30.46. Core Scientific also recently reported a quarterly loss of $1.06 per share, missing expectations despite 44.9% revenue growth year over year.
- Wall Street outlook: Analysts currently have a Moderate Buy consensus on CORZ with an average price target of $29.78. Recent target updates were mixed, with some firms raising targets while others lowered them or downgraded the stock.
Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of the company's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $29.29, for a total value of $292,900.00. Following the completion of the sale, the insider owned 2,048,895 shares in the company, valued at $60,012,134.55. This represents a 0.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Core Scientific Trading Down 4.7%
Shares of NASDAQ CORZ opened at $27.79 on Thursday. Core Scientific, Inc. has a 12 month low of $11.81 and a 12 month high of $30.46. The stock has a 50 day moving average of $24.59 and a 200-day moving average of $19.53. The company has a market capitalization of $8.83 billion, a P/E ratio of -24.38 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 for the quarter, missing analysts' consensus estimates 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 quarter in the previous year, the firm earned $1.25 earnings per share. The company's revenue was up 44.9% compared to the same quarter last year. Analysts predict that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.
Institutional Investors Weigh In On Core Scientific
Institutional investors have recently modified their holdings of the business. Xponance LLC grew its stake in shares of Core Scientific by 2.5% in the fourth quarter. Xponance LLC now owns 22,896 shares of the company's stock valued at $333,000 after acquiring an additional 562 shares in the last quarter. Xponance Inc. raised its stake in Core Scientific by 2.7% in the 3rd quarter. Xponance Inc. now owns 22,334 shares of the company's stock worth $401,000 after purchasing an additional 595 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Core Scientific by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,029 shares of the company's stock worth $377,000 after purchasing an additional 711 shares in the last quarter. CWA Asset Management Group LLC boosted its holdings in Core Scientific by 0.3% in the 4th quarter. CWA Asset Management Group LLC now owns 239,937 shares of the company's stock valued at $3,493,000 after purchasing an additional 756 shares during the period. Finally, Orion Porfolio Solutions LLC boosted its holdings in Core Scientific by 5.2% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company's stock valued at $279,000 after purchasing an additional 766 shares during the period.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on the stock. Freedom Capital raised shares of Core Scientific to a "hold" rating in a research report on Monday, June 15th. Wall Street Zen upgraded shares of Core Scientific to a "sell" rating in a research note on Saturday, March 14th. B. Riley Financial increased their price target on shares of Core Scientific from $30.00 to $33.00 and gave the company a "buy" rating in a report on Wednesday, May 27th. BTIG Research restated a "buy" rating and set a $38.00 price objective on shares of Core Scientific in a report on Wednesday. Finally, LADENBURG THALM/SH SH decreased their target price on Core Scientific from $24.50 to $23.75 and set a "buy" rating on the stock in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Core Scientific presently has an average rating of "Moderate Buy" and an average target price of $29.78.
View Our Latest Stock Report on CORZ
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.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
