Insider Selling: Core Scientific, Inc. (NASDAQ:CORZ) CEO Sells 88,380 Shares of Stock

Core Scientific, Inc. (NASDAQ:CORZ) CEO Adam Taylor Sullivan sold 88,380 shares of Core Scientific stock in a transaction that occurred on 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 directly owns 4,128,505 shares in the company, valued at approximately $58,789,911.20. This represents a 2.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Core Scientific Stock Performance

Core Scientific stock opened at $15.38 on Friday. Core Scientific, Inc. has a 52 week low of $2.61 and a 52 week high of $18.63. The stock has a market capitalization of $4.29 billion and a P/E ratio of -2.84. The stock has a fifty day moving average of $15.60 and a 200-day moving average of $12.42.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CORZ. B. Riley increased their target price on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 target price on shares of Core Scientific in a report on Thursday, October 3rd. Compass Point upped their price objective on Core Scientific from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Roth Mkm assumed coverage on shares of Core Scientific in a report on Friday, November 15th. They set a “buy” rating and a $25.50 target price on the stock. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, September 10th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $18.46.

Institutional Investors Weigh In On Core Scientific

Hedge funds have recently made changes to their positions in the stock. 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 purchasing an additional 653,838 shares during the last quarter. Principal Financial Group Inc. bought a new position in shares of Core Scientific in the 2nd quarter valued at $211,000. Banque Cantonale Vaudoise acquired a new stake in shares of Core Scientific during the 2nd quarter valued at $28,000. Rhumbline Advisers bought a new stake in Core Scientific during the 2nd quarter worth $2,233,000. Finally, Victory Capital Management Inc. acquired a new position in Core Scientific in the 2nd quarter worth about $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.