Key Points
- Insider sale: Core Scientific insider Todd Duchene sold 10,000 shares for $135,600 at an average price of $13.56, reducing his ownership by 0.87% to 1.13 million shares.
- Weak financial results: The company reported a quarterly loss of $3.32 per share, missing estimates by $3.26, although revenue of $164.2 million exceeded expectations.
- Mixed outlook: Analysts maintain a “Moderate Buy” consensus with a $31.78 target price, while the stock recently traded at $15.00 and remains well below its 52-week high of $30.46.
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 26th. The shares were sold at an average price of $13.56, for a total transaction of $135,600.00. Following the completion of the sale, the insider directly owned 1,133,286 shares of the company's stock, valued at $15,367,358.16. The trade was a 0.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Core Scientific Stock Performance
Shares of CORZ opened at $15.00 on Thursday. Core Scientific, Inc. has a fifty-two week low of $12.31 and a fifty-two week high of $30.46. The firm has a 50-day simple moving average of $16.38 and a 200-day simple moving average of $19.66. The company has a market capitalization of $4.82 billion, a price-to-earnings ratio of -3.39 and a beta of 5.49.
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 the consensus estimate of ($0.06) by ($3.26). The company had revenue of $164.20 million during the quarter, compared to analysts' expectations of $144.83 million. Equities research analysts forecast that Core Scientific, Inc. will post -1.36 EPS for the current year.
Institutional Trading of Core Scientific
Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE raised its holdings in Core Scientific by 412.5% during the first quarter. Bank of America Corp DE now owns 4,806,363 shares of the company's stock worth $71,903,000 after purchasing an additional 3,868,535 shares in the last quarter. California State Teachers Retirement System lifted its position in Core Scientific by 22.1% in the first quarter. California State Teachers Retirement System now owns 288,936 shares of the company's stock valued at $4,322,000 after purchasing an additional 52,260 shares during the period. Man Group plc acquired a new stake in Core Scientific in the second quarter valued at about $1,986,000. Wellington Management Group LLP lifted its position in Core Scientific by 45.0% in the second quarter. Wellington Management Group LLP now owns 1,123,721 shares of the company's stock valued at $28,756,000 after purchasing an additional 348,645 shares during the period. Finally, Union Square Park Capital Management LLC purchased a new stake in Core Scientific in the 1st quarter valued at approximately $1,496,000.
Wall Street Analyst Weigh In
CORZ has been the subject of a number of recent research reports. Canaccord Genuity Group reaffirmed a "buy" rating and set a $36.00 price objective on shares of Core Scientific in a research report on Thursday, October 15th. Cantor Fitzgerald reissued an "overweight" rating and issued a $39.00 target price on shares of Core Scientific in a report on Wednesday, October 14th. Wolfe Research reissued a "buy" rating on shares of Core Scientific in a report on Wednesday, July 29th. UBS Group restated a "market outperform" rating on shares of Core Scientific in a research note on Wednesday, October 14th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Core Scientific in a report on Thursday, October 15th. 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 issued a Sell rating to the company's stock. According to MarketBeat, Core Scientific has an average rating of "Moderate Buy" and a consensus price target of $31.78.
Read Our Latest Stock Analysis on CORZ
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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