Insider Selling: Core Scientific, Inc. (NASDAQ:CORZ) CEO Sells $1,258,531.20 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) CEO Adam Taylor Sullivan sold 88,380 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,258,531.20. Following the completion of the sale, the chief executive officer now owns 4,128,505 shares in the company, valued at approximately $58,789,911.20. This trade represents a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Core Scientific Stock Up 6.2 %

NASDAQ:CORZ opened at $15.38 on Monday. Core Scientific, Inc. has a 12-month low of $2.61 and a 12-month high of $18.63. The firm has a market capitalization of $4.29 billion and a price-to-earnings ratio of -2.84. The stock’s 50 day moving average price is $15.60 and its two-hundred day moving average price is $12.44.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a research report on Thursday, November 7th. Roth Mkm assumed coverage on shares of Core Scientific in a research report on Friday, November 15th. They issued a “buy” rating and a $25.50 price objective on the stock. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Core Scientific in a research report on Tuesday, September 10th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 price target on shares of Core Scientific in a research note on Thursday, October 3rd. Finally, Canaccord Genuity Group initiated coverage on shares of Core Scientific in a research note on Monday, September 23rd. They set a “buy” rating and a $16.00 price objective for the company. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $18.46.

Institutional Investors Weigh In On Core Scientific

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its position in Core Scientific by 48.0% during the third quarter. JPMorgan Chase & Co. now owns 437,812 shares of the company’s stock worth $5,192,000 after purchasing an additional 142,068 shares during the period. Sanctuary Advisors LLC raised its position in shares of Core Scientific by 130.1% in the third quarter. Sanctuary Advisors LLC now owns 34,527 shares of the company’s stock valued at $409,000 after purchasing an additional 19,522 shares during the period. Neo Ivy Capital Management acquired a new stake in shares of Core Scientific during the 3rd quarter worth about $194,000. Geode Capital Management LLC boosted its holdings in shares of Core Scientific by 26.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock worth $62,594,000 after buying an additional 1,113,285 shares during the period. Finally, Sender Co & Partners Inc. acquired a new position in Core Scientific in the 3rd quarter valued at about $2,426,000.

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.