Key Points
- Core Scientific insider Todd Duchene sold 10,000 shares at an average price of $15.12, totaling $151,200. He retained 1,159,668 shares after the transaction, an ownership reduction of 0.85%.
- Core Scientific shares opened at $13.51, near their one-year low of $13.35 and below their 50-day and 200-day moving averages of $17.58 and $21.05, respectively.
- The company significantly missed quarterly earnings expectations, reporting a loss of $3.32 per share versus the expected $0.06 loss, despite revenue of $164.2 million exceeding estimates. Analysts nevertheless maintain a consensus “Moderate Buy” rating with an average price target of $31.36.
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, October 12th. The shares were sold at an average price of $15.12, for a total value of $151,200.00. Following the transaction, the insider directly owned 1,159,668 shares in the company, valued at $17,534,180.16. This trade represents a 0.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.
Core Scientific Price Performance
Shares of CORZ opened at $13.51 on Thursday. Core Scientific, Inc. has a one year low of $13.35 and a one year high of $30.46. The stock's fifty day moving average is $17.58 and its 200-day moving average is $21.05.
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 for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The company had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. 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 and other institutional investors have recently modified their holdings of CORZ. Parkside Financial Bank & Trust lifted its holdings in shares of Core Scientific by 1,371.3% in the second quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company's stock valued at $30,000 after buying an additional 1,097 shares during the period. CoreCap Advisors LLC bought a new position in Core Scientific during the second quarter valued at about $36,000. Rakuten Securities Inc. acquired a new position in Core Scientific during the second quarter worth about $47,000. GAMMA Investing LLC grew its holdings in Core Scientific by 34.5% during the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock worth $78,000 after acquiring an additional 782 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in Core Scientific by 41.3% during the first quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company's stock worth $66,000 after acquiring an additional 1,285 shares during the period.
Wall Street Analysts Forecast Growth
CORZ has been the topic of a number of recent analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Core Scientific in a research report on Friday, July 17th. Wells Fargo & Company initiated coverage on shares of Core Scientific in a research note on Thursday, September 17th. They issued an "overweight" rating and a $28.00 price target for the company. Compass Point reiterated a "buy" rating and issued a $36.00 price objective on shares of Core Scientific in a report on Wednesday, July 29th. B. Riley Financial raised their price objective on shares of Core Scientific from $33.00 to $42.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Finally, Wolfe Research reiterated a "buy" rating on shares of Core Scientific in a research note on Wednesday, July 29th. Two research 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 assigned a Sell rating to the stock. Based on data from MarketBeat, Core Scientific currently has a consensus rating of "Moderate Buy" and an average price target of $31.36.
Read Our Latest Research Report on CORZ
About Core Scientific
(
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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