Core Scientific (NASDAQ:CORZ) Stock Price Down 4.8% Following Insider Selling

Shares of Core Scientific, Inc. (NASDAQ:CORZ) dropped 4.8% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $10.92 and last traded at $10.74. Approximately 6,052,778 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 10,790,981 shares. The stock had previously closed at $11.28.

Specifically, insider Todd M. Duchene sold 25,277 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $410,498.48. Following the transaction, the insider now owns 2,023,423 shares in the company, valued at $32,860,389.52. The trade was a 1.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the completion of the sale, the chief executive officer now owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. The trade was a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CORZ shares. HC Wainwright lifted their price objective on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods assumed coverage on Core Scientific in a report on Monday. They issued an “outperform” rating and a $22.00 target price on the stock. Jefferies Financial Group started coverage on Core Scientific in a research report on Monday, October 28th. They set a “buy” rating and a $19.00 target price on the stock. Roth Capital upgraded shares of Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. Finally, Compass Point boosted their target price on Core Scientific from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Core Scientific presently has a consensus rating of “Buy” and a consensus target price of $19.07.

Core Scientific Stock Up 7.0 %

The stock has a market capitalization of $3.42 billion and a P/E ratio of -2.27. The business has a fifty day moving average price of $15.25 and a 200-day moving average price of $13.02.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $95.35 million for the quarter, compared to analysts’ expectations of $94.80 million. On average, equities analysts expect that Core Scientific, Inc. will post 0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently modified their holdings of the company. ORG Wealth Partners LLC bought a new stake in shares of Core Scientific during the 3rd quarter valued at $106,266,000. Rush Island Management LP bought a new position in shares of Core Scientific during the 3rd quarter valued at approximately $32,221,000. Taconic Capital Advisors LP increased its holdings in Core Scientific by 178.7% in the 3rd quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock worth $32,229,000 after acquiring an additional 1,742,462 shares in the last quarter. Mirabella Financial Services LLP bought a new stake in Core Scientific during the 3rd quarter worth approximately $18,383,000. Finally, Geode Capital Management LLC lifted its holdings in Core Scientific by 26.7% during the third quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock valued at $62,594,000 after purchasing an additional 1,113,285 shares in the last quarter.

About Core Scientific

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.