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

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price fell 4.8% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $10.92 and last traded at $10.74. 6,052,778 shares changed hands during trading, a decline of 44% from the average session 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 firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 2,023,423 shares of the company’s stock, valued at approximately $32,860,389.52. This trade represents a 1.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the company’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 $6,004,122.88. Following the completion of the sale, the chief executive officer now directly owns 3,758,793 shares in the company, valued at $61,042,798.32. This trade represents a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CORZ shares. HC Wainwright boosted their target price on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Compass Point boosted their price objective on Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Roth Capital raised Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Core Scientific in a report on Friday, January 17th. Finally, Jefferies Financial Group initiated coverage on shares of Core Scientific in a research note on Monday, October 28th. They set a “buy” rating and a $19.00 price objective on the stock. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Core Scientific currently has a consensus rating of “Buy” and a consensus price target of $19.07.

Core Scientific Price Performance

The firm has a market cap of $3.42 billion and a PE ratio of -2.27. The business’s 50 day moving average price is $15.25 and its 200 day moving average price is $13.02.

Core Scientific (NASDAQ:CORZ) last announced its 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 business had revenue of $95.35 million during the quarter, compared to analyst estimates of $94.80 million. As a group, analysts predict that Core Scientific, Inc. will post 0.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its position in shares of Core Scientific by 25.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company’s stock valued at $1,378,000 after buying an additional 20,000 shares during the last quarter. Highland Peak Capital LLC raised its holdings in Core Scientific by 37.9% in the 3rd quarter. Highland Peak Capital LLC now owns 413,584 shares of the company’s stock valued at $4,905,000 after acquiring an additional 113,584 shares during the last quarter. Mirabella Financial Services LLP acquired a new position in shares of Core Scientific during the 3rd quarter worth approximately $18,383,000. Van ECK Associates Corp grew its position in shares of Core Scientific by 22.9% in the third quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock valued at $19,177,000 after purchasing an additional 300,942 shares in the last quarter. Finally, Capstone Investment Advisors LLC increased its holdings in shares of Core Scientific by 113.4% in the third quarter. Capstone Investment Advisors LLC now owns 55,000 shares of the company’s stock valued at $652,000 after purchasing an additional 29,230 shares during the last quarter.

Core Scientific Company Profile

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.