Adam Taylor Sullivan, CEO of Core Scientific, Inc. (NASDAQ:CORZ), a company with a market capitalization of $4 billion, recently completed 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, for a total value of approximately $1.26 million. The sale was carried out in order to settle tax obligations related to the acquisition of limited equity shares. InvestingPro data shows that the stock has returned an impressive 347% over the past year, and analysts have set a price target of between $17 and $26.
In a previous transaction on December 31, 2024, Sullivan acquired 159,306 shares of the company at no cost. This acquisition was part of a performance-based restricted stock plan, reflecting the 300% vesting of the first installment of units granted earlier in the year.
Following these transactions, Sullivan directly holds 4,128,505 shares of Core Scientific.
In other recent news, Core Scientific Inc. announced its plan to offer $500 million in convertible senior bonds, a move aimed at raising capital and reducing immediate financial burdens. Meanwhile, Compass Point lifted their target price on Core Scientific stock to $26.00, maintaining a ‘Buy’ rating. This forecast is based on the company’s ability to secure high-performance computing contracts and the expected diversification of customers.
Core Scientific also started construction on a new 100-megawatt data center in Muskogee, Oklahoma, as part of an agreement with CoreWeave. This development is expected to bring significant economic benefits to the local community.
Similarly, Jefferies gave Core Scientific a ‘Buy’ rating, recognizing the company’s successful transition from mining to building AI-focused data centers. Other companies such as Canaccord Genuity and B.Riley share this positive outlook, and Canaccord even raised their target price for the company to $17.00.
In the digital mining space, B. Riley Financial updated its stock price targets for several companies, including Bitfarms Ltd., HIVE Digital Technologies Ltd. and Stronghold Digital, Inc., maintaining a ‘Buy’ rating on those stocks. These updates are in response to recent Bitcoin trends.
These are recent industry developments, highlighting the ongoing transformations and strategic shifts within the technology sector.
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