Core Scientific, Inc. (NASDAQ:CORZ) Director Yadin Rozov recently sold 105,000 shares of the company’s common stock. The transactions, which took place on November 22, were executed at a weighted average price of $18.1138 per share, resulting in a total sale value of approximately $1,901,949. Following this sale, Rozov retains ownership of 345,239 shares in the company.
The shares were sold in multiple transactions, with prices ranging from $18.10 to $18.18. Rozov, who serves as a director at Core Scientific, has committed to providing detailed information about the specific number of shares sold at each price upon request.
In other recent news, B. Riley Financial has revised its stock price targets for several digital mining companies, including Bitfarms Ltd., HIVE Digital Technologies Ltd., and Stronghold Digital , Inc., in response to recent trends. The company also reported a decline in Bitcoin production and a subsequent decrease in revenue. However, a pending merger with Bitfarms is expected to increase operational efficiency and diversify beyond Bitcoin mining.
Core Scientific Inc., on the other hand, has initiated the construction of a new 100-megawatt data center, expected to become operational in 2026. The company has also secured a substantial expansion of its high-performance computing (HPC) hosting capabilities, with CoreWeave contracting an additional 120 megawatts of critical IT load. This new agreement is expected to contribute approximately $2.0 billion to Core Scientific’s projected cumulative revenue over a 12-year period.
In the analyst circles, Jefferies initiated coverage on Core Scientific Inc. with a “Buy” rating, acknowledging the company’s successful pivot from Bitcoin mining to building artificial intelligence-focused data centers. Canaccord Genuity also adjusted its price target on shares of Core Scientific Inc., increasing it to $17.00 from the previous $16.00 while maintaining a Buy rating. These are the recent developments in these two companies’ trajectories.
InvestingPro Insights
Core Scientific’s recent stock performance aligns with the director’s decision to sell shares. According to InvestingPro data, the company’s stock has seen a significant 429.94% return over the past year, with a particularly strong 339.28% gain in the last six months. This impressive rally has pushed the stock price to 99.32% of its 52-week high, suggesting that Rozov’s sale might be timed to capitalize on the stock’s current strength.
InvestingPro Tips indicate that Core Scientific is trading at high valuation multiples across various metrics, including EBIT, EBITDA, and revenue. This could explain why the director chose to sell a portion of his holdings, potentially viewing the current price as an attractive exit point.
Despite the strong stock performance, it’s worth noting that Core Scientific is not currently profitable, with a negative P/E ratio of -4.34 for the last twelve months as of Q3 2024. However, InvestingPro Tips reveal that analysts predict the company will become profitable this year, which could be a positive sign for future performance.
For investors seeking a more comprehensive analysis, InvestingPro offers 16 additional tips for Core Scientific, providing a deeper understanding of the company’s financial health and market position.
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