Core Scientific Sees Unusually Large Options Volume (NASDAQ:CORZ)

Core Scientific, Inc. (NASDAQ:CORZ) was the target of unusually large options trading on Thursday. Stock traders bought 84,807 call options on the stock. This is an increase of approximately 31% compared to the average daily volume of 64,783 call options.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CORZ shares. Compass Point cut their target price on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Craig Hallum started coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They issued a “buy” rating and a $24.00 price objective on the stock. Needham & Company LLC decreased their target price on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. HC Wainwright restated a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a report on Tuesday, March 11th. Finally, BTIG Research lifted their price target on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Core Scientific has an average rating of “Buy” and an average target price of $19.07.

Core Scientific Trading Up 3.3 %

Shares of CORZ opened at $7.88 on Friday. The stock has a 50 day moving average of $11.04 and a 200 day moving average of $13.10. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of -1.46 and a beta of 6.83. Core Scientific has a 12 month low of $2.61 and a 12 month high of $18.63.

Core Scientific (NASDAQ:CORZ) last announced its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. As a group, equities research analysts predict that Core Scientific will post 0.52 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Todd A. Becker sold 134,250 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $10.75, for a total value of $1,443,187.50. Following the completion of the sale, the director now directly owns 195,687 shares of the company’s stock, valued at $2,103,635.25. The trade was a 40.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jordan Levy purchased 62,500 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was purchased at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the acquisition, the director now owns 306,887 shares of the company’s stock, valued at approximately $2,458,164.87. This represents a 25.57 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 748,282 shares of company stock valued at $10,978,104 over the last 90 days. Company insiders own 32.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CORZ. Xponance Inc. lifted its position in shares of Core Scientific by 7.9% during the 4th quarter. Xponance Inc. now owns 12,800 shares of the company’s stock valued at $180,000 after buying an additional 937 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in Core Scientific by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company’s stock valued at $262,000 after purchasing an additional 1,185 shares during the last quarter. Wellington Shields & Co. LLC purchased a new stake in Core Scientific during the fourth quarter valued at about $26,000. First Horizon Advisors Inc. bought a new position in Core Scientific during the fourth quarter worth about $34,000. Finally, Joel Isaacson & Co. LLC increased its stake in shares of Core Scientific by 4.5% in the fourth quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company’s stock worth $815,000 after purchasing an additional 2,500 shares in the last quarter.

Core Scientific Company Profile

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.