Insider Selling: Core Scientific, Inc. (NASDAQ:CORZ) CEO Sells $6,004,122.88 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) CEO Adam Taylor Sullivan sold 369,712 shares of the 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 $6,004,122.88. Following the sale, the chief executive officer now directly owns 3,758,793 shares of the company’s stock, valued at approximately $61,042,798.32. This trade represents a 8.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 transaction of $1,258,531.20.

Core Scientific Trading Up 7.0 %

Core Scientific stock opened at $12.26 on Friday. The firm has a market capitalization of $3.42 billion and a PE ratio of -2.27. Core Scientific, Inc. has a 12-month low of $2.61 and a 12-month high of $18.63. The firm has a 50-day moving average price of $15.25 and a 200-day moving average price of $13.02.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, November 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate 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, sell-side analysts predict that Core Scientific, Inc. will post 0.5 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. B. Riley boosted their price target on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. BTIG Research boosted their target price on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price target on shares of Core Scientific in a report on Thursday, November 7th. Macquarie upped their price objective on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a research report on Thursday, October 3rd. Fifteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $19.07.

Hedge Funds Weigh In On Core Scientific

Several hedge funds have recently bought and sold shares of the business. ORG Wealth Partners LLC purchased a new stake in shares of Core Scientific during the third quarter valued at $106,266,000. Rush Island Management LP purchased a new stake in Core Scientific in the 3rd quarter valued at about $32,221,000. Taconic Capital Advisors LP grew its stake 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 purchased a new position in shares of Core Scientific during the third quarter worth approximately $18,383,000. Finally, Geode Capital Management LLC raised its stake in shares of 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 acquiring 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.