Core Scientific (NASDAQ:CORZ) Shares Down 4.8% on Insider Selling

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price was down 4.8% during trading on Tuesday following insider selling activity. The company traded as low as $10.92 and last traded at $10.74. Approximately 6,052,778 shares were traded during 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 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 $410,498.48. Following the completion of the transaction, the insider now owns 2,023,423 shares in the company, valued at approximately $32,860,389.52. This represents a 1.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 3,758,793 shares of the company’s stock, valued at $61,042,798.32. This trade represents a 8.96 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

CORZ has been the subject of a number of research reports. Roth Capital raised Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald restated an “overweight” rating and issued a $20.00 target price on shares of Core Scientific in a report on Thursday, October 3rd. HC Wainwright increased their price target 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. B. Riley boosted their price objective on Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a report on Thursday, November 7th. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Core Scientific currently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Stock Performance

The firm’s 50 day moving average is $15.25 and its 200 day moving average is $13.02. The stock has a market cap of $3.42 billion and a P/E ratio of -2.27.

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

Institutional Investors Weigh In On Core Scientific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ORG Wealth Partners LLC increased its holdings in shares of Core Scientific by 0.3% during the fourth quarter. ORG Wealth Partners LLC now owns 8,986,651 shares of the company’s stock valued at $126,262,000 after acquiring an additional 26,649 shares in the last quarter. Parsifal Capital Management LP grew its position in Core Scientific by 3.9% during the 3rd quarter. Parsifal Capital Management LP now owns 5,412,825 shares of the company’s stock worth $64,196,000 after purchasing an additional 204,314 shares during the last quarter. Geode Capital Management LLC increased its stake in Core Scientific by 26.7% during the 3rd 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. State Street Corp raised its holdings in shares of Core Scientific by 17.0% in the third quarter. State Street Corp now owns 4,006,922 shares of the company’s stock worth $47,522,000 after buying an additional 583,493 shares during the last quarter. Finally, Taconic Capital Advisors LP lifted its stake in shares of Core Scientific by 178.7% during the third quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock worth $32,229,000 after buying an additional 1,742,462 shares during the period.

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.