Key Points
- Insider sale: Todd Duchene sold 10,000 Core Scientific shares at an average price of $16.76, generating $167,600. He retained 1,187,896 shares after the transaction.
- Stock and earnings: CORZ opened at $15.98, down 2%, and trades well below its 52-week high of $30.46. The company reported a quarterly loss of $3.32 per share, substantially missing the $0.06-per-share consensus estimate, despite revenue exceeding expectations.
- Analyst outlook: Analysts maintain a “Moderate Buy” consensus rating with an average price target of $30.86, while several firms recently upgraded or raised their targets, including Needham, which lifted its target to $35.
Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of the company's stock in a transaction on Monday, September 28th. The shares were sold at an average price of $16.76, for a total transaction of $167,600.00. Following the sale, the insider directly owned 1,187,896 shares in the company, valued at $19,909,136.96. This trade represents a 0.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
Core Scientific Trading Down 2.0%
CORZ stock opened at $15.98 on Thursday. The firm has a market cap of $5.14 billion, a PE ratio of -3.62 and a beta of 5.48. The stock has a 50-day moving average price of $18.77 and a 200-day moving average price of $21.11. Core Scientific, Inc. has a 1-year low of $13.35 and a 1-year high of $30.46.
Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported ($3.32) EPS for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The company had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. On average, analysts forecast that Core Scientific, Inc. will post -1.36 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several analysts have recently commented on CORZ shares. Wolfe Research reaffirmed a "buy" rating on shares of Core Scientific in a research report on Wednesday, July 29th. Freedom Capital raised shares of Core Scientific from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. Capital One Financial set a $33.00 price target on shares of Core Scientific in a report on Thursday, July 30th. Needham & Company LLC lifted their price target on shares of Core Scientific from $29.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Finally, Loop Capital set a $40.00 price objective on shares of Core Scientific in a report on Friday, June 12th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $30.86.
View Our Latest Report on Core Scientific
Hedge Funds Weigh In On Core Scientific
Several large investors have recently bought and sold shares of the stock. Parkside Financial Bank & Trust grew its stake in shares of Core Scientific by 1,371.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company's stock worth $30,000 after acquiring an additional 1,097 shares in the last quarter. CoreCap Advisors LLC bought a new position in shares of Core Scientific during the second quarter valued at about $36,000. Rakuten Securities Inc. purchased a new position in Core Scientific during the second quarter worth about $47,000. GAMMA Investing LLC grew its position in Core Scientific by 34.5% in the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock worth $78,000 after purchasing an additional 782 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Core Scientific by 41.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company's stock worth $66,000 after purchasing an additional 1,285 shares in the last quarter.
Core Scientific Company Profile
(
Get Free Report)
Core Scientific, Inc is a digital infrastructure company that develops and operates data centers in the United States. Its business has historically centered on cryptocurrency mining, particularly the processing of transactions on the Bitcoin network, while also providing hosting and infrastructure services to other mining and technology customers.
The company is expanding its data center capabilities to support high-performance computing and artificial intelligence workloads. Its services include data center operations, power and equipment management, hosting, and related infrastructure support for customers that require substantial computing capacity.
Core Scientific was founded in 2017 and became a publicly traded company through a business combination in 2022.
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