Core Scientific (NASDAQ:CORZ) Insider Todd Duchene Sells 10,000 Shares of Stock
by Sarita Garza · The Markets DailyCore Scientific, Inc. (NASDAQ:CORZ – Get Free Report) insider Todd Duchene sold 10,000 shares of Core Scientific stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $15.25, for a total value of $152,500.00. Following the sale, the insider owned 2,047,089 shares of the company’s stock, valued at approximately $31,218,107.25. This trade represents a 0.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Core Scientific Trading Up 6.1%
CORZ stock opened at $16.23 on Friday. The company’s 50 day moving average is $16.90 and its 200 day moving average is $17.18. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 13.87 and a beta of 6.34. Core Scientific, Inc. has a 1-year low of $6.20 and a 1-year high of $23.63.
Core Scientific (NASDAQ:CORZ – Get Free Report) last announced its earnings results on Monday, March 2nd. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.69. The company had revenue of $79.76 million for the quarter, compared to the consensus estimate of $118.45 million. During the same quarter in the previous year, the firm earned ($0.69) earnings per share. The company’s revenue for the quarter was down 16.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Core Scientific, Inc. will post 0.52 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on the stock. Citizens Jmp upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Thursday, December 18th. BTIG Research raised Core Scientific from a “neutral” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Tuesday, January 6th. Keefe, Bruyette & Woods upped their price objective on Core Scientific from $19.00 to $25.00 and gave the stock a “moderate buy” rating in a report on Tuesday, January 27th. Needham & Company LLC upgraded Core Scientific from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research report on Tuesday, March 3rd. Finally, Citigroup raised Core Scientific from a “market perform” rating to an “outperform” rating in a report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.84.
Check Out Our Latest Analysis on Core Scientific
Hedge Funds Weigh In On Core Scientific
A number of large investors have recently added to or reduced their stakes in CORZ. Creek Drive Management Group LLC purchased a new stake in Core Scientific during the fourth quarter valued at about $1,638,000. Purpose Unlimited Inc. purchased a new position in shares of Core Scientific in the fourth quarter worth about $312,000. Osbon Capital Management LLC bought a new stake in shares of Core Scientific in the 4th quarter valued at about $202,000. Green Ridge Wealth Planning LLC bought a new stake in shares of Core Scientific in the 4th quarter valued at about $180,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Core Scientific by 2,631.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 46,987 shares of the company’s stock valued at $684,000 after acquiring an additional 45,267 shares during the period.
About Core Scientific
Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.
Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.