Eric Weiss, a director at Core Scientific, Inc. (NASDAQ:CORZ), recently purchased 6,000 shares of the company’s common stock. The transaction, valued at approximately $50,750, was executed at a price of $8.4584 per share on March 6, 2025. The purchase comes as the stock has declined nearly 30% in the past week, with technical indicators suggesting oversold conditions. According to InvestingPro data, analysts maintain a strong buy rating with price targets ranging from $17 to $24. Following this purchase, Weiss’s total holdings in Core Scientific have increased to 221,687 shares. This acquisition represents a significant investment in the $2.31 billion market cap company, as Weiss continues to expand his stake in the firm. For deeper insights into Core Scientific’s valuation and 12 additional exclusive ProTips, check out the comprehensive research report available on InvestingPro.
In other recent news, Core Scientific Inc . reported a challenging fourth quarter of 2024, with a 33% year-over-year decline in total revenue, amounting to $94.9 million, and a net loss of $265 million, widening from $195.7 million in the prior year. The company mined significantly fewer Bitcoins, with only 9.74 mined in Q4 2024 compared to 3,042 in the same period the previous year. Despite these setbacks, Core Scientific successfully reduced its debt by $270 million through Chapter 11 restructuring and ended the year with over $830 million in cash.
Additionally, Core Scientific experienced a decrease in its Bitcoin mining productivity and revenue in February, with an average of 7.7 Bitcoins mined per day, down from 8.3 in January. This decline contributed to a revenue drop from $25.5 million in January to $20.6 million in February. In response, Cantor Fitzgerald analyst Brett Knoblauch lowered the company’s price target to $20.00 from $21.00, though the firm retains an Overweight rating on the stock.
In a strategic move, Core Scientific appointed Jim Nygaard as its new Executive Vice President and Chief Financial Officer, effective March 17, 2025. Nygaard brings extensive experience in investment banking and mergers and acquisitions, which the company hopes will drive growth and increase shareholder value. The company is also expanding its operations by converting several data centers to support artificial intelligence workloads. These developments reflect Core Scientific’s ongoing efforts to navigate a challenging market environment and position itself for future growth.
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