Key Points
- Insider sale: Todd Duchene sold 10,000 Core Scientific shares at an average price of $17.45, generating $174,500. He still owns 1,937,896 shares after the transaction.
- Stock and earnings: CORZ opened at $17.42, down 3.4%, and recently reported a quarterly loss of $3.32 per share, far below the $0.06 loss analysts expected, despite revenue beating forecasts.
- Analyst outlook: Core Scientific has a consensus “Moderate Buy” rating and an average price target of $32.18, well above its current trading level; institutional ownership activity has also increased among several hedge funds.
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 24th. The shares were sold at an average price of $17.45, for a total value of $174,500.00. Following the completion of the transaction, the insider directly owned 1,937,896 shares of the company's stock, valued at $33,816,285.20. The trade was a 0.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.
Core Scientific Stock Down 3.4%
CORZ stock opened at $17.42 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 simple moving average of $22.33 and a 200-day simple moving average of $21.04. The stock has a market capitalization of $5.60 billion, a P/E ratio of -3.94 and a beta of 5.59.
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 the consensus estimate of ($0.06) by ($3.26). The firm had revenue of $164.20 million for the quarter, compared to analysts' expectations of $144.83 million. On average, analysts expect that Core Scientific, Inc. will post -1.36 earnings per share for the current year.
Hedge Funds Weigh In On Core Scientific
Several hedge funds have recently bought and sold shares of CORZ. Allworth Financial LP raised its holdings in Core Scientific by 206.5% during the third quarter. Allworth Financial LP now owns 1,410 shares of the company's stock worth $25,000 after purchasing an additional 950 shares during the last quarter. Larson Financial Group LLC boosted its position in shares of Core Scientific by 936.7% in the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company's stock worth $27,000 after buying 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 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock worth $34,000 after buying an additional 1,066 shares in the last quarter. Danske Bank A S acquired a new stake in Core Scientific in the 4th quarter valued at about $36,000. Finally, CoreCap Advisors LLC purchased a new position in Core Scientific during the 2nd quarter valued at about $36,000.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on CORZ. Capital One Financial set a $33.00 target price on shares of Core Scientific in a report on Thursday, July 30th. Loop Capital set a $40.00 price target on shares of Core Scientific in a research note on Friday, June 12th. Lucid Cap Mkts raised shares of Core Scientific to a "strong-buy" rating in a research report on Friday, June 12th. BTIG Research reaffirmed a "buy" rating and issued a $38.00 target price on shares of Core Scientific in a report on Tuesday, July 28th. Finally, Jefferies Financial Group increased their target price on shares of Core Scientific from $24.00 to $37.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Two research 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.com, Core Scientific presently has a consensus rating of "Moderate Buy" and a consensus target price of $32.18.
View 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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