Key Points
- Insider Todd Duchene sold 10,000 Core Scientific shares at an average price of $22.30, generating $223,000. He retained 1,999,101 shares after the transaction, representing a 0.50% reduction in ownership.
- Core Scientific reported quarterly revenue of $164.2 million, exceeding expectations, but posted a loss of $3.32 per share versus the $0.06 consensus estimate.
- Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $30.39, although the stock has a high beta of 5.50 and has received one sell rating.
Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of the company's stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $22.30, for a total value of $223,000.00. Following the sale, the insider owned 1,999,101 shares of the company's stock, valued at $44,579,952.30. This represents a 0.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Core Scientific Stock Performance
CORZ opened at $20.75 on Wednesday. The firm has a 50 day moving average price of $25.32 and a 200 day moving average price of $20.77. The company has a market cap of $6.60 billion, a PE ratio of -18.20 and a beta of 5.50. Core Scientific, Inc. has a 1 year low of $12.60 and a 1 year high of $30.46.
Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The business had revenue of $164.20 million for the quarter, compared to analysts' expectations of $144.83 million. On average, sell-side analysts predict that Core Scientific, Inc. will post 0.08 earnings per share for the current year.
Institutional Trading of Core Scientific
Hedge funds have recently made changes to their positions in the company. Handelsbanken Fonder AB lifted its position in shares of Core Scientific by 0.7% during the second quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company's stock worth $2,418,000 after purchasing an additional 700 shares in the last quarter. GAMMA Investing LLC grew its holdings in Core Scientific by 34.5% during the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock valued at $78,000 after purchasing an additional 782 shares in the last quarter. Avior Wealth Management LLC acquired a new stake in Core Scientific during the 2nd quarter valued at $264,000. Harbor Investment Advisory LLC purchased a new stake in Core Scientific during the 2nd quarter worth $136,000. Finally, CoreCap Advisors LLC purchased a new stake in Core Scientific during the 2nd quarter worth $36,000.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on CORZ. B. Riley Financial lifted their target price 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. Weiss Ratings reiterated a "sell (d-)" rating on shares of Core Scientific in a report on Friday, July 17th. BTIG Research reissued a "buy" rating and issued a $38.00 price objective on shares of Core Scientific in a research report on Tuesday. Loop Capital set a $40.00 price objective on Core Scientific in a research note on Friday, June 12th. Finally, Jefferies Financial Group boosted their price objective on Core Scientific from $24.00 to $37.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $30.39.
Read Our Latest Stock Analysis on CORZ
Core Scientific News Summary
Here are the key news stories impacting Core Scientific this week:
- Positive Sentiment: AMD partnership creates significant long-term revenue potential. AMD will secure up to 2.5 gigawatts of Core Scientific data-center capacity for AI deployments. The initial 530-megawatt rollout across five sites is backed by 15-year agreements and could generate approximately $14 billion in potential base contracted revenue. AMD also received warrants to purchase 30 million CORZ shares at $23.47, with vesting tied to successful capacity deployment. Reuters AMD infrastructure partnership article
- Positive Sentiment: Colocation growth reinforces the AI pivot. Second-quarter revenue reached $164.2 million, while colocation revenue reportedly climbed to $136.7 million from $10.6 million a year earlier. The company said adjusted EBITDA was $41.1 million, suggesting improving operating performance despite reported accounting losses. Core Scientific second-quarter results
- Positive Sentiment: Analyst support and bullish options activity added momentum. Needham reaffirmed a Buy rating with a $29 price target, while BTIG maintained Buy with a $38 target. Call-option volume was approximately 55% above its average daily level, indicating increased speculative interest, though options activity is not a guarantee of future gains.
- Neutral Sentiment: Reported earnings contained conflicting signals. Core Scientific posted a $3.32-per-share quarterly GAAP loss, far below consensus, but another earnings measure cited by Zacks showed adjusted EPS of $0.18 versus expectations for a $0.02 loss. The GAAP deficit was reportedly driven largely by noncash warrant fair-value adjustments.
- Negative Sentiment: Execution, dilution and spending risks remain material. Core Scientific incurred approximately $797.5 million in quarterly capital expenditures to convert mining sites for high-density computing. The AMD warrants could dilute shareholders, while an insider’s sale of 10,000 shares and a recent KBW downgrade to Market Perform may temper enthusiasm.
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.
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