Key Points
- Insider sale: Todd Duchene sold 10,000 Core Scientific shares for approximately $222,300, reducing his position by 0.5% while retaining nearly 1.98 million shares.
- Recent performance: Core Scientific shares were down 4.6% and opened at $21.77. The company reported a quarterly loss of $3.32 per share, significantly missing estimates, although revenue of $164.2 million exceeded expectations.
- Analyst outlook: Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $32.18; several firms recently raised their targets, including Canaccord Genuity to $36.
Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $22.23, for a total transaction of $222,300.00. Following the transaction, the insider owned 1,979,101 shares of the company's stock, valued at approximately $43,995,415.23. This trade represents a 0.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Core Scientific Stock Down 4.6%
NASDAQ:CORZ opened at $21.77 on Thursday. Core Scientific, Inc. has a 52 week low of $13.14 and a 52 week high of $30.46. The firm has a 50 day moving average of $24.84 and a 200 day moving average of $20.93. The stock has a market capitalization of $7.00 billion, a price-to-earnings ratio of -4.93 and a beta of 5.59.
Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The business had revenue of $164.20 million for the quarter, compared to the consensus estimate of $144.83 million. As a group, analysts expect that Core Scientific, Inc. will post -1.36 EPS for the current year.
Institutional Investors Weigh In On Core Scientific
A number of large investors have recently made changes to their positions in CORZ. AQR Capital Management LLC raised its stake in Core Scientific by 106.1% in the 1st quarter. AQR Capital Management LLC now owns 283,432 shares of the company's stock worth $2,052,000 after acquiring an additional 145,905 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Core Scientific by 180.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company's stock valued at $8,032,000 after purchasing an additional 714,388 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of Core Scientific by 200.0% in the second quarter. Cetera Investment Advisers now owns 38,819 shares of the company's stock valued at $663,000 after purchasing an additional 25,878 shares during the period. Franklin Resources Inc. acquired a new position in shares of Core Scientific in the second quarter valued at about $181,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Core Scientific by 61.9% in the second quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company's stock worth $67,000 after purchasing an additional 1,507 shares during the last quarter.
Analysts Set New Price Targets
Several research analysts recently weighed in on the company. 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 research note on Wednesday, July 29th. Jefferies Financial Group increased their price target on Core Scientific from $24.00 to $37.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Sanford C. Bernstein reissued an "outperform" rating and issued a $32.00 price target on shares of Core Scientific in a report on Wednesday, June 3rd. Keefe, Bruyette & Woods upgraded Core Scientific from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $25.00 to $28.00 in a research note on Thursday, July 30th. Finally, Wolfe Research restated a "buy" rating on shares of Core Scientific in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $32.18.
View Our Latest Analysis 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.
Further Reading
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