Key Points
- Insider sale: Core Scientific insider Todd Duchene sold 10,000 shares at an average price of $13.87, generating $138,700. He retained 1,143,286 shares after the transaction.
- Stock performance and earnings: CORZ opened at $13.79, compared with a 52-week range of $12.31 to $30.46. The company reported a quarterly loss of $3.32 per share, missing estimates by $3.26, although revenue of $164.2 million exceeded expectations.
- Analyst outlook: Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $31.36. Core Scientific is also expanding beyond bitcoin mining into high-performance computing and artificial intelligence infrastructure.
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, October 19th. The stock was sold at an average price of $13.87, for a total transaction of $138,700.00. Following the sale, the insider directly owned 1,143,286 shares of the company's stock, valued at $15,857,376.82. The trade was a 0.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Core Scientific Trading Up 0.4%
Shares of NASDAQ CORZ opened at $13.79 on Wednesday. The firm has a 50-day simple moving average of $17.07 and a 200-day simple moving average of $21.03. Core Scientific, Inc. has a 52 week low of $12.31 and a 52 week high of $30.46.
Core Scientific (NASDAQ:CORZ - Get Free Report) last posted 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. Analysts anticipate that Core Scientific, Inc. will post -1.36 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of analysts have commented on CORZ shares. B. Riley Financial increased their price objective on shares of Core Scientific from $33.00 to $42.00 and gave the company a "buy" rating in a report on Monday, August 3rd. Needham & Company LLC boosted their target price on Core Scientific from $29.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Rothschild & Co Redburn assumed coverage on Core Scientific in a report on Monday, September 21st. They set a "neutral" rating and a $16.00 target price on the stock. Wolfe Research restated a "buy" rating on shares of Core Scientific in a research report on Wednesday, July 29th. Finally, Citigroup reaffirmed a "market outperform" rating on shares of Core Scientific in a report on Wednesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $31.36.
View Our Latest Stock Analysis on CORZ
Institutional Investors Weigh In On Core Scientific
Hedge funds have recently modified their holdings of the company. Genesee Capital Advisors LLC purchased a new position in Core Scientific during the third quarter worth about $165,000. Counterpoint Mutual Funds LLC grew its stake in shares of Core Scientific by 9.3% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 14,425 shares of the company's stock valued at $231,000 after buying an additional 1,224 shares during the period. Vontobel Holding Ltd. acquired a new stake in shares of Core Scientific during the 3rd quarter worth approximately $566,000. State of Alaska Department of Revenue increased its holdings in shares of Core Scientific by 36.7% during the 3rd quarter. State of Alaska Department of Revenue now owns 17,493 shares of the company's stock worth $279,000 after buying an additional 4,701 shares during the last quarter. Finally, Reliant Investment Management LLC acquired a new stake in shares of Core Scientific during the 3rd quarter worth approximately $336,000.
About Core Scientific
(
Get Free Report)
Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.
Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.
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