Key Points
- Insider sale: Todd Duchene sold 10,000 Core Scientific shares at an average price of $19.97, generating $199,700. He continues to own 1,969,101 shares, with the transaction reducing his position by 0.51%.
- Quarterly results: Core Scientific reported a quarterly loss of $3.32 per share, far below the consensus estimate of a $0.06 loss, though revenue of $164.2 million exceeded estimates of $144.83 million.
- Market outlook: The stock opened at $20.87, while analysts maintained a generally positive view, giving Core Scientific a consensus “Moderate Buy” rating and an average price target of $32.18.
Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $19.97, for a total value of $199,700.00. Following the completion of the transaction, the insider owned 1,969,101 shares of the company's stock, valued at approximately $39,322,946.97. This represents a 0.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Core Scientific Price Performance
Shares of NASDAQ CORZ opened at $20.87 on Thursday. Core Scientific, Inc. has a 1-year low of $13.14 and a 1-year high of $30.46. The business's 50 day moving average is $24.06 and its two-hundred day moving average is $21.00. The stock has a market capitalization of $6.71 billion, a P/E ratio of -4.72 and a beta of 5.59.
Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. As a group, equities research analysts anticipate that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.
Institutional Trading of Core Scientific
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Core Scientific during the 2nd quarter valued at about $719,649,000. Situational Awareness LP raised its holdings in shares of Core Scientific by 42.5% in the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company's stock valued at $418,694,000 after purchasing an additional 8,575,944 shares in the last quarter. Value Aligned Research Advisors LLC bought a new stake in shares of Core Scientific in the 4th quarter valued at about $117,786,000. Vanguard Group Inc. lifted its position in shares of Core Scientific by 18.7% in the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company's stock worth $494,462,000 after purchasing an additional 5,359,710 shares during the period. Finally, Fifth Third Bancorp purchased a new stake in shares of Core Scientific in the 1st quarter worth approximately $59,802,000.
Analyst Upgrades and Downgrades
Several research analysts have commented on CORZ shares. BTIG Research reaffirmed a "buy" rating and set a $38.00 price objective on shares of Core Scientific in a research note on Tuesday, July 28th. Jefferies Financial Group increased their target price on shares of 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 restated an "outperform" rating and issued a $32.00 target price on shares of Core Scientific in a report on Wednesday, June 3rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Core Scientific in a research note on Friday, July 17th. Finally, Loop Capital set a $40.00 price target on shares of Core Scientific in a report on Friday, June 12th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Core Scientific presently has an average rating of "Moderate Buy" and a consensus target price of $32.18.
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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