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Core Scientific, Inc. (NASDAQ:CORZ) Chief Executive Officer Adam Taylor Sullivan recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Sullivan sold 22,629 shares of Core Scientific stock on April 1, 2025. The shares were sold at an average price of $7.5219, totaling approximately $170,213. The stock, currently trading at $8.44, has shown remarkable strength with a 137% return over the past year, though InvestingPro data indicates high price volatility.
This transaction was conducted to satisfy tax obligations related to the vesting of restricted stock units. According to InvestingPro analysis, the company appears overvalued at its current market capitalization of $2.35 billion. Following the sale, Sullivan retains direct ownership of 3,736,164 shares in the company, with the next earnings report scheduled for May 8, 2025. Discover 10+ additional exclusive insights and comprehensive analysis in the Pro Research Report, available with an InvestingPro subscription.
In other recent news, Core Scientific Inc . has been the focus of several significant developments. Clear Street initiated coverage on the company with a Buy rating and a price target of $20.00, emphasizing the company’s strategic pivot towards artificial intelligence compute, which has secured $10 billion in long-term contracted revenue. Analysts from H.C. Wainwright also maintained a Buy rating with a $17.00 price target, highlighting the importance of CoreWeave’s contract with OpenAI and its upcoming IPO, which is expected to bolster Core Scientific’s market position. Additionally, Compass Point reaffirmed a Buy rating with a $20.00 price target, noting the company’s extended contract with CoreWeave, which includes favorable terms and significant revenue potential.
In other corporate developments, Core Scientific appointed KPMG as its new independent auditor, replacing Marcum LLP, and acknowledged material weaknesses in its internal control over financial reporting. The company clarified that there were no disagreements with Marcum on accounting practices. Furthermore, Core Scientific reported a decline in its Bitcoin mining rate from 8.3 to 7.7 self-mined Bitcoin per day in February, as noted by Cantor Fitzgerald. These developments come amid a broader context of strategic realignments and financial evaluations, with analysts expressing confidence in the company’s future growth prospects.
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