Core Scientific, Inc. (NASDAQ:CORZ) recently disclosed a stock transaction involving Todd M. DuChene, the company's Chief Legal and Administrative Officer. On November 20, DuChene sold 25,000 shares of Core Scientific common stock. The shares were sold at a weighted average price of $17.0968, with the total transaction amounting to $427,420.
Following this sale, DuChene retains ownership of 1,661,474 shares in the company. The transaction reflects a range of sale prices, from $17.07 to $17.13 per share, according to the filing.
In other recent news, B. Riley Financial has adjusted its stock price targets for several digital mining companies, including Bitfarms Ltd., HIVE Digital Technologies Ltd (TSXV:HIVE)., and Stronghold Digital Mining, Inc., in response to recent Bitcoin trends. This comes as Stronghold reported a decline in Bitcoin production and a subsequent decrease in revenue for Q3 2024. The company also announced a pending merger with Bitfarms.
Simultaneously, Core Scientific Inc. has initiated construction on a new 100-megawatt data center and has received a "Buy" rating from Jefferies, Canaccord Genuity (TSX:CF), and B.Riley. The company's contract expansion with CoreWeave is expected to generate an 80% contribution-like margin and add approximately $2.0 billion to its projected cumulative revenue over a 12-year period. Core Scientific's CFO, Denise Sterling, is set to step down by May 2025.
These recent developments reflect the dynamic nature of the digital mining industry and the strategic moves companies are making to navigate this landscape. The information provided is based on analyst notes and company reports.
InvestingPro Insights
Core Scientific, Inc. (NASDAQ:CORZ) has been experiencing a remarkable surge in its stock performance, which provides context for the recent insider sale by Todd M. DuChene. According to InvestingPro data, CORZ has seen a staggering 401.74% price total return over the past year, with a particularly strong 63.76% return in the last three months alone. This impressive rally has pushed the stock to trade at 95.73% of its 52-week high, indicating robust investor confidence.
The company's financial metrics reveal a mixed picture. While Core Scientific boasts a substantial market capitalization of $4.6 billion, it currently operates with a negative P/E ratio of -4.08, suggesting the company is not yet profitable. However, InvestingPro Tips highlight that analysts predict the company will turn profitable this year, which could explain the strong market sentiment.
Core Scientific's revenue growth of 15.77% over the last twelve months and an EBITDA growth of 200.66% in the same period demonstrate the company's expanding operations. These growth figures align with the InvestingPro Tip indicating a high return over the last year.
For investors seeking more comprehensive analysis, InvestingPro offers 16 additional tips for Core Scientific, providing a deeper understanding of the company's financial health and market position. These insights could be particularly valuable given the stock's recent performance and the insider transaction activity.
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