Adam Taylor Sullivan, the CEO of Core Scientific, Inc. (NASDAQ:CORZ), a $4 billion market cap company, recently executed a significant stock transaction, according to a filing with the Securities and Exchange Commission. On January 2, 2025, Sullivan sold 88,380 shares of Core Scientific at an average price of $14.243 per share, amounting to a total value of approximately $1.26 million. The sale was conducted to satisfy tax obligations related to the vesting of restricted stock units. InvestingPro data shows the stock has delivered an impressive 347% return over the past year, with analysts setting price targets between $17 and $26.
In a previous transaction on December 31, 2024, Sullivan acquired 159,306 shares of the company’s common stock at no cost. This acquisition was part of a performance-based restricted stock unit plan, reflecting the 300% vesting of the first installment of units granted earlier in the year.
Following these transactions, Sullivan holds 4,128,505 shares of Core Scientific directly.
In other recent news, Core Scientific Inc. has announced its plan to offer $500 million in convertible senior notes, a move aimed at raising capital and reducing immediate financial burdens. Meanwhile, Compass Point has raised Core Scientific’s stock price target to $26.00, maintaining a ’Buy’ rating. This outlook is based on the company’s ability to secure high-performance computing contracts and anticipated customer diversification.
Core Scientific has also initiated construction on a new 100-megawatt data center in Muskogee, Oklahoma, as part of an agreement with CoreWeave. This development is expected to bring substantial economic benefits to the local community.
On a similar note, Jefferies has given Core Scientific a ’Buy’ rating, acknowledging the company’s successful transition from Bitcoin mining to building artificial intelligence-focused data centers. Other firms such as Canaccord Genuity and B.Riley share this positive outlook, with Canaccord even raising its price target for the company to $17.00.
In the realm of digital mining, B. Riley Financial has updated its stock price targets for several firms, including Bitfarms Ltd., HIVE Digital Technologies Ltd., and Stronghold Digital Mining, Inc., maintaining a ’Buy’ rating for these stocks. These updates are in response to recent Bitcoin trends.
These are the recent developments in the industry, underscoring the ongoing transformations and strategic shifts within the tech sector.
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