Insider Selling: Core Scientific, Inc. (NASDAQ:CORZ) CEO Sells 369,712 Shares of Stock

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) 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 completion of the transaction, the chief executive officer now directly owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. This represents a 8.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Adam Taylor Sullivan also recently made the following trade(s):

• On Thursday, January 2nd, Adam Taylor Sullivan sold 88,380 shares of Core Scientific stock. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20.

Core Scientific Stock Up 0.1 %

Shares of CORZ traded up $0.01 during midday trading on Friday, hitting $12.27. The company's stock had a trading volume of 13,396,936 shares, compared to its average volume of 11,521,585. Core Scientific, Inc. has a one year low of $2.61 and a one year high of $18.63. The stock has a market capitalization of $3.43 billion and a price-to-earnings ratio of -2.27. The company's fifty day simple moving average is $15.03 and its two-hundred day simple moving average is $13.03.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its 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 business had revenue of $95.35 million during the quarter, compared to analysts' expectations of $94.80 million. On average, research analysts predict that Core Scientific, Inc. will post 0.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CORZ has been the subject of several recent research reports. Roth Capital raised Core Scientific to a "strong-buy" rating in a report on Thursday, November 14th. B. Riley upped their price target on shares of Core Scientific from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Craig Hallum assumed coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They set a "buy" rating and a $24.00 price target on the stock. Macquarie boosted their price objective on shares of Core Scientific from $16.00 to $19.00 and gave the company an "outperform" rating in a report on Thursday, November 14th. Finally, BTIG Research raised their target price on shares of Core Scientific from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, December 16th. Fifteen investment 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 presently has an average rating of "Buy" and a consensus target price of $19.07.

Hedge Funds Weigh In On Core Scientific

Institutional investors have recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific during the fourth quarter worth $42,000. Sunbelt Securities Inc. acquired a new position in Core Scientific in the 2nd quarter worth about $33,000. Rise Advisors LLC raised its position in Core Scientific by 14.3% in the third quarter. Rise Advisors LLC now owns 8,000 shares of the company's stock valued at $95,000 after purchasing an additional 1,000 shares during the last quarter. KBC Group NV bought a new position in Core Scientific in the fourth quarter valued at about $114,000. Finally, Villere ST Denis J & Co. LLC acquired a new stake in shares of Core Scientific during the fourth quarter valued at about $140,000.

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.