Key Points
- Insider sale: Todd Duchene sold 10,000 Core Scientific shares at an average price of $18.37, generating $183,700. He retained 1,197,896 shares after the transaction.
- Mixed financial performance: Core Scientific reported quarterly revenue of $164.2 million, above estimates, but posted an EPS loss of $3.32 versus the expected loss of $0.06.
- Analyst sentiment remains positive: The stock has an average “Moderate Buy” rating and a consensus price target of $30.86, while several institutional investors recently established or increased positions.
Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of the firm's stock in a transaction on Monday, September 21st. The shares were sold at an average price of $18.37, for a total transaction of $183,700.00. Following the sale, the insider owned 1,197,896 shares in the company, valued at $22,005,349.52. The trade was a 0.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Core Scientific Stock Performance
CORZ opened at $18.10 on Thursday. The stock has a market cap of $5.82 billion, a price-to-earnings ratio of -4.10 and a beta of 5.48. The firm's fifty day moving average is $19.33 and its 200 day moving average is $21.07. Core Scientific, Inc. has a fifty-two week low of $13.35 and a fifty-two week high of $30.46.
Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its quarterly 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 business had revenue of $164.20 million during the quarter, compared to analyst estimates of $144.83 million. On average, equities research analysts predict that Core Scientific, Inc. will post -1.36 earnings per share for the current year.
Hedge Funds Weigh In On Core Scientific
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Core Scientific during the 2nd quarter valued at approximately $719,649,000. Situational Awareness LP raised its holdings in shares of Core Scientific by 42.5% during the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company's stock worth $418,694,000 after acquiring an additional 8,575,944 shares in the last quarter. Apollo Management Holdings L.P. bought a new position in shares of Core Scientific during the 2nd quarter valued at approximately $115,671,000. Fifth Third Bancorp bought a new position in shares of Core Scientific during the 1st quarter valued at approximately $59,802,000. Finally, Avala Global LP purchased a new position in shares of Core Scientific in the second quarter valued at $101,729,000.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on CORZ. B. Riley Financial lifted their target price on Core Scientific from $33.00 to $42.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Canaccord Genuity Group upped their price target on Core Scientific from $30.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Wells Fargo & Company began coverage on shares of Core Scientific in a report on Thursday, September 17th. They set an "overweight" rating and a $28.00 price objective for the company. Rothschild & Co Redburn assumed coverage on shares of Core Scientific in a research report on Monday. They set a "neutral" rating and a $16.00 price objective on the stock. Finally, Sanford C. Bernstein reissued an "outperform" rating and issued a $32.00 target price on shares of Core Scientific in a report on Wednesday, June 3rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $30.86.
Check Out Our Latest Research Report on Core Scientific
About Core Scientific
(
Get Free Report)
Core Scientific, Inc (NASDAQ: CORZ) is a digital infrastructure company that develops and operates data centers for high-performance computing. Its business has historically centered on large-scale bitcoin mining, including the deployment and operation of specialized computing equipment and supporting power, networking and facility infrastructure.
The company also provides hosting and colocation services for digital asset miners and other high-performance computing customers. Core Scientific has increasingly focused on expanding its data center platform for artificial intelligence and other compute-intensive workloads, including infrastructure designed to support graphics processing unit (GPU) deployments.
Founded in 2017, Core Scientific operates data center facilities in the United States and emerged from Chapter 11 bankruptcy protection in January 2024.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
