Key Points
- Insider Todd Duchene sold 10,000 Core Scientific shares at an average price of $20.95, generating $209,500. He retained 1,989,101 shares, so the transaction reduced his position by 0.5%.
- Core Scientific reported quarterly revenue of $164.2 million, above expectations, but posted a $3.32-per-share loss versus the $0.06 consensus loss. Shares opened at $18.12, with the stock trading below its 50-day moving average.
- Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $31.43. The company’s AI data-center strategy and rising colocation revenue support optimism, while large capital expenditures, warrant-related losses and potential share dilution remain risks.
Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $20.95, for a total value of $209,500.00. Following the completion of the sale, the insider owned 1,989,101 shares of the company's stock, valued at $41,671,665.95. This trade represents a 0.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Core Scientific Price Performance
Shares of CORZ stock opened at $18.12 on Thursday. The firm's 50-day simple moving average is $25.22 and its 200-day simple moving average is $20.78. Core Scientific, Inc. has a 1-year low of $12.60 and a 1-year high of $30.46. The firm has a market cap of $5.76 billion, a P/E ratio of -4.10 and a beta of 5.50.
Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The company had revenue of $164.20 million for the quarter, compared to analysts' expectations of $144.83 million. Analysts expect that Core Scientific, Inc. will post 0.08 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on CORZ shares. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $32.00 target price on shares of Core Scientific in a research report on Wednesday, June 3rd. Jefferies Financial Group upped their price target on Core Scientific from $24.00 to $37.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Cantor Fitzgerald raised their price objective on Core Scientific from $25.00 to $29.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Lucid Cap Mkts raised Core Scientific to a "strong-buy" rating in a research note on Friday, June 12th. Finally, Canaccord Genuity Group boosted their target price on Core Scientific from $30.00 to $36.00 and gave the stock a "buy" rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $31.43.
Read Our Latest Stock Report on Core Scientific
Core Scientific News Summary
Here are the key news stories impacting Core Scientific this week:
- Positive Sentiment: AMD partnership strengthens Core Scientific’s AI data-center strategy. AMD agreed to secure up to 2.5 gigawatts of capacity for AI deployments, including approximately 530 megawatts covered by 15-year agreements across five sites. Core Scientific said the initial contracts represent roughly $14 billion in potential base revenue, although the figure depends on successful development and deployment. Reuters AMD infrastructure partnership article
- Positive Sentiment: AI-related colocation growth is rapidly changing the company’s revenue mix. Second-quarter revenue was $164.2 million, ahead of expectations, with colocation revenue rising to $136.7 million from $10.6 million a year earlier. Adjusted EBITDA was reported at $41.1 million, supporting the view that Core Scientific is becoming less dependent on cryptocurrency mining. Core Scientific second-quarter results
- Positive Sentiment: Several analysts remain bullish. Canaccord raised its price target to $36 and maintained a Buy rating. Needham and BTIG also reaffirmed Buy ratings with targets of $29 and $38, respectively. Core Scientific additionally appointed technology executive Mark W. Adams to its seven-member board, adding AI and semiconductor-sector experience. Core Scientific board appointment
- Neutral Sentiment: Trading activity indicates continued speculation. Call-option volume was about 55% above its typical level, reflecting bullish positioning but also elevated risk. The AMD transaction includes warrants for up to 30 million CORZ shares at $23.47, which could help fund expansion but may dilute existing shareholders.
- Negative Sentiment: Reported profitability and execution risks are weighing on sentiment. Core Scientific posted a $3.32-per-share GAAP loss, substantially below consensus, despite strong revenue. The loss was largely attributed to noncash warrant fair-value adjustments, while quarterly capital expenditures reached approximately $797.5 million for site conversions. KBW lowered its rating to Market Perform. Insider Todd Duchene also sold 10,000 shares on July 20 and another 10,000 shares on July 27, though the transactions reduced his stake by only about 1% in total.
Institutional Trading of Core Scientific
A number of institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP raised its position in Core Scientific by 206.5% in the third quarter. Allworth Financial LP now owns 1,410 shares of the company's stock valued at $25,000 after purchasing an additional 950 shares during the period. Larson Financial Group LLC lifted its stake in shares of Core Scientific by 936.7% during the fourth quarter. Larson Financial Group LLC now owns 1,866 shares of the company's stock worth $27,000 after purchasing an additional 1,686 shares in the last quarter. Osaic Holdings Inc. boosted its position in shares of Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock worth $34,000 after buying an additional 1,066 shares during the period. Danske Bank A S acquired a new stake in shares of Core Scientific in the fourth quarter valued at about $36,000. Finally, CoreCap Advisors LLC acquired a new stake in shares of Core Scientific in the second quarter valued at about $36,000.
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.
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