Core Scientific Target of Unusually High Options Trading (NASDAQ:CORZ)

Core Scientific, Inc. (NASDAQ:CORZ) saw some unusual options trading on Thursday. Investors acquired 304,581 call options on the company. This represents an increase of approximately 294% compared to the typical daily volume of 77,367 call options.

Analysts Set New Price Targets

Several research firms have issued reports on CORZ. Cantor Fitzgerald cut their target price on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Roth Mkm restated a “buy” rating and issued a $20.00 price objective on shares of Core Scientific in a report on Thursday. JMP Securities initiated coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They set a “market outperform” rating and a $15.00 target price for the company. Citigroup started coverage on shares of Core Scientific in a research report on Thursday, May 22nd. They set an “outperform” rating for the company. Finally, Oppenheimer initiated coverage on shares of Core Scientific in a report on Wednesday, May 14th. They issued an “outperform” rating and a $15.00 price objective on the stock. Eighteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $18.14.

Insider Buying and Selling at Core Scientific

In related news, insider Todd M. Duchene sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $12.31, for a total transaction of $615,500.00. Following the completion of the sale, the insider now directly owns 2,050,102 shares in the company, valued at approximately $25,236,755.62. This trade represents a 2.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Yadin Rozov bought 110,000 shares of Core Scientific stock in a transaction on Wednesday, May 28th. The shares were purchased at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the purchase, the director now directly owns 475,687 shares of the company’s stock, valued at $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by insiders.

Institutional Trading of Core Scientific

Institutional investors have recently bought and sold shares of the business. Wellington Shields & Co. LLC purchased a new position in shares of Core Scientific in the 4th quarter valued at about $26,000. First Horizon Advisors Inc. acquired a new stake in Core Scientific during the fourth quarter worth approximately $34,000. Vestcor Inc acquired a new position in shares of Core Scientific in the 4th quarter valued at $66,000. State of Wyoming purchased a new position in shares of Core Scientific in the 1st quarter valued at $34,000. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in Core Scientific during the 1st quarter worth $38,000.

Core Scientific Stock Performance

Shares of Core Scientific stock opened at $16.36 on Friday. The business has a 50-day simple moving average of $10.27 and a 200-day simple moving average of $11.08. Core Scientific has a one year low of $6.20 and a one year high of $18.63. The company has a market cap of $4.87 billion, a PE ratio of -3.25 and a beta of 6.30.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to analysts’ expectations of $92.04 million. The company’s revenue for the quarter was down 55.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.78 earnings per share. On average, sell-side analysts predict that Core Scientific will post 0.52 earnings per share for the current fiscal year.

About Core Scientific

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.