Key Points
- Insider sale: Core Scientific insider Todd Duchene sold 10,000 shares on July 6 at an average price of $22.63, totaling about $226,300. After the transaction, he still held more than 2.02 million shares.
- Recent financial results were weak: The company reported a quarterly loss of $1.06 per share, missing analyst expectations, while revenue of $115.24 million came in slightly below estimates. Revenue was still up 44.9% from a year earlier.
- Analysts remain mostly bullish: Wall Street has a consensus rating of Moderate Buy on CORZ, with a consensus target price of $29.78. Several firms recently raised price targets, though one rating remains a sell.
Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction on Monday, July 6th. The shares were sold at an average price of $22.63, for a total value of $226,300.00. Following the completion of the transaction, the insider directly owned 2,023,426 shares of the company's stock, valued at $45,790,130.38. This represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Core Scientific Stock Performance
NASDAQ:CORZ opened at $23.50 on Thursday. The company has a market cap of $7.47 billion, a price-to-earnings ratio of -20.61 and a beta of 5.50. Core Scientific, Inc. has a fifty-two week low of $12.42 and a fifty-two week high of $30.46. The stock has a fifty day moving average price of $25.36 and a 200-day moving average price of $20.09.
Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.06) EPS 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 the consensus estimate of $117.04 million. The business's revenue for the quarter was up 44.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.25 EPS. Research analysts predict that Core Scientific, Inc. will post 0.08 EPS for the current fiscal year.
Institutional Trading of Core Scientific
Several large investors have recently bought and sold shares of the business. GAMMA Investing LLC grew its position in Core Scientific by 34.5% in the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock valued at $78,000 after acquiring an additional 782 shares during the last quarter. Avior Wealth Management LLC acquired a new position in Core Scientific during the second quarter worth about $264,000. Harbor Investment Advisory LLC acquired a new position in Core Scientific during the second quarter worth about $136,000. CoreCap Advisors LLC bought a new position in shares of Core Scientific in the second quarter worth about $36,000. Finally, Sapient Capital LLC bought a new position in shares of Core Scientific in the first quarter worth about $209,000.
Wall Street Analysts Forecast Growth
Several research firms have commented on CORZ. Needham & Company LLC raised their target price on shares of Core Scientific from $23.00 to $29.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Cantor Fitzgerald increased their price target on shares of Core Scientific from $25.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, April 9th. Lucid Cap Mkts upgraded shares of Core Scientific to a "strong-buy" rating in a research report on Friday, June 12th. Loop Capital set a $40.00 price objective on shares of Core Scientific in a research note on Friday, June 12th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Core Scientific in a research report on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $29.78.
Read Our Latest Report on CORZ
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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