Key Points
- Insider Todd Duchene sold 10,000 Core Scientific shares at an average price of $16.31, generating $163,100. He retained 1,169,668 shares after the transaction.
- Core Scientific reported a quarterly loss of $3.32 per share, significantly missing the $0.06 loss consensus, although revenue of $164.2 million exceeded analyst estimates.
- Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $30.86, while major investors including BlackRock and Apollo Management established sizable positions.
Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) insider Todd Duchene sold 10,000 shares of the company's stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $16.31, for a total transaction of $163,100.00. Following the completion of the transaction, the insider owned 1,169,668 shares in the company, valued at approximately $19,077,285.08. The trade was a 0.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Core Scientific Stock Performance
Shares of CORZ stock opened at $15.94 on Thursday. The company has a market capitalization of $5.12 billion, a price-to-earnings ratio of -3.61 and a beta of 5.49. Core Scientific, Inc. has a one year low of $13.35 and a one year high of $30.46. The company's 50-day moving average is $18.29 and its 200 day moving average is $21.10.
Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results 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 business had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. As a group, research analysts predict that Core Scientific, Inc. will post -1.36 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several equities analysts recently issued reports on the company. Freedom Capital raised Core Scientific from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 30th. Weiss Ratings reissued a "sell (d-)" rating on shares of Core Scientific in a report on Friday, July 17th. Capital One Financial set a $33.00 price target on Core Scientific in a research note on Thursday, July 30th. B. Riley Financial lifted their price objective on Core Scientific from $33.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Finally, BTIG Research reissued a "buy" rating and issued a $38.00 target price on shares of Core Scientific in a research report on Tuesday, July 28th. Two investment 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's stock. According to MarketBeat, Core Scientific currently has an average rating of "Moderate Buy" and an average target price of $30.86.
View Our Latest Report on Core Scientific
Institutional Investors Weigh In On Core Scientific
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Core Scientific during the 2nd quarter valued at $719,649,000. Jericho Capital Asset Management L.P. boosted its stake in shares of Core Scientific by 11.4% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company's stock worth $189,842,000 after buying an additional 1,338,796 shares during the last quarter. Apollo Management Holdings L.P. bought a new stake in shares of Core Scientific in the second quarter worth $115,671,000. Avala Global LP bought a new stake in shares of Core Scientific in the second quarter worth $101,729,000. Finally, Bank of America Corp DE purchased a new stake in Core Scientific during the second quarter valued at $93,668,000.
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.
Further Reading
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