Key Points
- Insider sale: Core Scientific insider Todd Duchene sold 10,000 shares on June 29 at an average price of $26.17, totaling $261,700. After the sale, he still owned 2,038,895 shares.
- Stock weakness and valuation: Shares were down 7.3% to $23.71, with the company carrying a market cap of $7.54 billion and trading between a 12-month low of $12.42 and high of $30.46.
- Mixed fundamentals and analyst views: Core Scientific recently reported a larger-than-expected quarterly loss of $1.06 per share and revenue slightly below estimates, while analysts remain mostly positive with a consensus rating of Moderate Buy and an average price target of $29.78.
Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of the business's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $26.17, for a total value of $261,700.00. Following the transaction, the insider directly owned 2,038,895 shares of the company's stock, valued at $53,357,882.15. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
Core Scientific Trading Down 7.3%
CORZ stock opened at $23.71 on Thursday. The stock has a market capitalization of $7.54 billion, a P/E ratio of -20.80 and a beta of 5.49. The firm has a 50-day moving average price of $25.24 and a 200-day moving average price of $19.84. Core Scientific, Inc. has a 12 month low of $12.42 and a 12 month high of $30.46.
Core Scientific (NASDAQ:CORZ - Get Free Report) last issued 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 business had revenue of $115.24 million for the quarter, compared to analysts' expectations of $117.04 million. During the same quarter in the prior year, the company earned $1.25 EPS. Core Scientific's quarterly revenue was up 44.9% on a year-over-year basis. As a group, equities analysts predict that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Core Scientific in a research report on Monday, April 20th. B. Riley Financial increased their price objective on shares of Core Scientific from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Wednesday, May 27th. BTIG Research lifted their price target on shares of Core Scientific from $33.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Sanford C. Bernstein reiterated an "outperform" rating and set a $32.00 price target on shares of Core Scientific in a research note on Wednesday, June 3rd. Finally, Wall Street Zen upgraded shares of Core Scientific to a "sell" rating in a research note on Saturday, March 14th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $29.78.
Get Our Latest Analysis on Core Scientific
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Core Scientific by 18.7% during the fourth quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock valued at $494,462,000 after acquiring an additional 5,359,710 shares in the last quarter. FNY Investment Advisers LLC bought a new position in shares of Core Scientific in the 4th quarter worth $1,252,000. Kintayl Capital LP purchased a new stake in Core Scientific during the third quarter valued at about $10,227,000. Nations Financial Group Inc. IA ADV purchased a new position in shares of Core Scientific during the 4th quarter valued at about $2,980,000. Finally, Jennison Associates LLC bought a new stake in shares of Core Scientific in the 4th quarter worth approximately $14,075,000.
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.
Recommended Stories
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].
