Core Scientific (NASDAQ:CORZ) Trading Down 4.7% on Insider Selling

Core Scientific, Inc. (NASDAQ:CORZ) dropped 4.7% on Monday following insider selling activity. The company traded as low as $9.83 and last traded at $9.84. Approximately 866,189 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 5,444,965 shares. The stock had previously closed at $10.33.

Specifically, insider Todd M. Duchene sold 3,770 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $9.99, for a total value of $37,662.30. Following the completion of the transaction, the insider now owns 393,428 shares in the company, valued at approximately $3,930,345.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

CORZ has been the topic of several analyst reports. BTIG Research increased their price target on Core Scientific from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price target on shares of Core Scientific in a research report on Wednesday, March 13th.

Core Scientific Stock Performance

The firm has a 50-day simple moving average of $4.76 and a two-hundred day simple moving average of $3.33.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.14. The company had revenue of $179.29 million for the quarter, compared to analyst estimates of $139.60 million. Equities analysts anticipate that Core Scientific, Inc. will post -0.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors have recently modified their holdings of CORZ. Aspect Partners LLC acquired a new stake in shares of Core Scientific during the 1st quarter valued at about $29,000. Hexagon Capital Partners LLC acquired a new stake in shares of Core Scientific during the 1st quarter valued at about $34,000. Lindbrook Capital LLC acquired a new stake in shares of Core Scientific during the 1st quarter valued at about $65,000. Fiduciary Alliance LLC acquired a new stake in shares of Core Scientific during the 1st quarter valued at about $84,000. Finally, Dorsey & Whitney Trust CO LLC acquired a new stake in shares of Core Scientific during the 1st quarter valued at about $122,000.

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.