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

Core Scientific, Inc. (NASDAQ:CORZ) dropped 4.8% during trading on Tuesday following insider selling activity. The stock traded as low as $10.92 and last traded at $10.74. Approximately 6,052,778 shares changed hands 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 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 sale, the insider now owns 2,023,423 shares of the company’s stock, valued at $32,860,389.52. This represents a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $6,004,122.88. Following the sale, the chief executive officer now directly owns 3,758,793 shares in the company, 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.

Analyst Ratings Changes

A number of research firms recently commented on CORZ. Roth Mkm began coverage on shares of Core Scientific in a research note on Friday, November 15th. They set a “buy” rating and a $25.50 price target for the company. B. Riley boosted their price objective on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Jefferies Financial Group assumed coverage on Core Scientific in a research report on Monday, October 28th. They set a “buy” rating and a $19.00 target price for the company. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a report on Thursday, November 7th. Finally, Roth Capital upgraded shares of Core Scientific to a “strong-buy” rating in a research note on Thursday, November 14th. Fifteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $19.07.

Core Scientific Price Performance

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

Core Scientific (NASDAQ:CORZ) last posted 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 company had revenue of $95.35 million for the quarter, compared to the consensus estimate of $94.80 million. As a group, sell-side analysts forecast that Core Scientific, Inc. will post 0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

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