Core Scientific, Inc. (NASDAQ:CORZ) Director Eric Stanton Weiss has recently increased his stake in the company, according to the latest filings with the Securities and Exchange Commission. On March 15, Weiss executed a purchase of 15,000 shares of Core Scientific common stock at a weighted average price of $3.0264 per share, amounting to a total investment of approximately $45,396.
Investors following insider activity may find this purchase noteworthy as it reflects a direct acquisition of shares by Weiss, who now owns a total of 15,000 shares following this transaction. The shares were bought in multiple transactions at prices ranging from $3.02 to $3.03, inclusive. Weiss, as a member of the company's board of directors, is considered an insider, and his transactions are closely watched for signals about the company's performance and potential future direction.
Core Scientific, based in Texas, operates within the finance services sector and is known for its involvement in crypto assets. The company has been publicly traded under the ticker symbol CORZ and has seen varying levels of interest from investors in the fast-evolving cryptocurrency and blockchain space.
This recent insider purchase may be of interest to current and potential investors as they assess Core Scientific's stock performance and insider confidence in the company's value. As with all insider transactions, the details provided in SEC filings offer a transparent view of the actions of company executives and directors, allowing investors to make more informed decisions.
InvestingPro Insights
The recent insider purchase by Core Scientific, Inc. (NASDAQ:CORZ) Director Eric Stanton Weiss has signaled a boost in confidence from within the company's own ranks. To further understand the context of this transaction, we can look at some key metrics and tips from InvestingPro that shed light on the company's financial health and stock performance.
InvestingPro Data shows that Core Scientific has a market capitalization of approximately $607.38 million, which positions the company within the mid-cap range of the market. Despite challenging market conditions, the company has managed to generate a revenue of $502.4 million over the last twelve months as of Q1 2023. However, it's important to note that the revenue growth during this period was -21.54%, indicating some headwinds in the company's sales figures.
Additionally, the stock has experienced a notable decline over the last week, with a price total return of -13.21%. This could reflect the volatile nature of the crypto market and investor sentiment towards companies within this sector. Furthermore, Core Scientific's P/E ratio stands at -5.26, highlighting that the company is not currently profitable, which aligns with the InvestingPro Tip that analysts do not expect the company to be profitable this year.
Despite these challenges, an InvestingPro Tip suggests that the valuation implies a strong free cash flow yield, which could be a sign of underlying value in the company's stock, especially for investors looking for long-term opportunities. This perspective is bolstered by the fact that Core Scientific has a high EBITDA growth rate of 154.32% over the last twelve months as of Q1 2023, suggesting potential for operational efficiency improvements.
For investors interested in further analysis and insights, InvestingPro offers additional tips on Core Scientific, which can be accessed at https://www.investing.com/pro/CORZ. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 6 more tips available on InvestingPro, subscribers can gain a deeper understanding of the company's financial position and prospects.
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