Insider Selling: Core Scientific, Inc. (NASDAQ:CORZ) Insider Sells $1,849,220.64 in Stock

Core Scientific, Inc. (NASDAQ:CORZ) insider Todd M. Duchene sold 129,861 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the completion of the sale, the insider now owns 2,051,649 shares of the company’s stock, valued at $29,215,481.76. This trade represents a 5.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Core Scientific Trading Up 6.2 %

NASDAQ:CORZ opened at $15.38 on Monday. The company has a market capitalization of $4.29 billion and a P/E ratio of -2.84. The firm has a 50-day moving average price of $15.60 and a two-hundred day moving average price of $12.44. Core Scientific, Inc. has a twelve month low of $2.61 and a twelve month high of $18.63.

Analyst Upgrades and Downgrades

CORZ has been the subject of several analyst reports. Canaccord Genuity Group began coverage on shares of Core Scientific in a report on Monday, September 23rd. They set a “buy” rating and a $16.00 price target for the company. Roth Capital raised Core Scientific to a “strong-buy” rating in a report on Thursday, November 14th. B. Riley lifted their price target on Core Scientific from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. HC Wainwright increased their price objective on Core Scientific from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Roth Mkm began coverage on shares of Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 target price on the stock. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $18.46.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CORZ. Bank of New York Mellon Corp lifted its stake in Core Scientific by 3,236.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 674,043 shares of the company’s stock valued at $6,269,000 after buying an additional 653,838 shares in the last quarter. Principal Financial Group Inc. acquired a new position in shares of Core Scientific in the second quarter worth $211,000. Banque Cantonale Vaudoise acquired a new position in shares of Core Scientific in the second quarter worth $28,000. Rhumbline Advisers purchased a new stake in shares of Core Scientific in the second quarter valued at $2,233,000. Finally, Victory Capital Management Inc. acquired a new stake in shares of Core Scientific during the second quarter valued at $175,000.

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.