Investors Purchase Large Volume of Call Options on Core Scientific (NASDAQ:CORZ)

Core Scientific, Inc. (NASDAQ:CORZ) was the target of some unusual options trading on Friday. Investors acquired 225,171 call options on the stock. This is an increase of approximately 241% compared to the average daily volume of 66,037 call options.

Analysts Set New Price Targets

Several brokerages have commented on CORZ. 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 report on Thursday, February 27th. Keefe, Bruyette & Woods began coverage on shares of Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 price objective on the stock. Craig Hallum assumed coverage on Core Scientific in a report on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $17.00 price target on shares of Core Scientific in a report on Tuesday, March 11th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Wednesday, March 12th. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $19.07.

Core Scientific Stock Performance

Shares of CORZ stock opened at $8.31 on Friday. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of -1.54 and a beta of 6.80. The stock’s 50 day simple moving average is $8.29 and its 200 day simple moving average is $12.37. Core Scientific has a twelve month low of $2.88 and a twelve month high of $18.63.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The firm had revenue of $94.93 million during the quarter, compared to analyst estimates of $97.07 million. On average, analysts forecast that Core Scientific will post 0.52 EPS for the current fiscal year.

Insider Activity at Core Scientific

In other Core Scientific news, Director Jordan Levy purchased 62,500 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were purchased at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the transaction, the director now owns 306,887 shares in the company, valued at $2,458,164.87. This represents a 25.57 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Todd A. Becker sold 134,250 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total value of $1,443,187.50. Following the sale, the director now owns 195,687 shares of the company’s stock, valued at $2,103,635.25. This trade represents a 40.69 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors have recently made changes to their positions in the business. Wellington Shields & Co. LLC bought a new position in Core Scientific in the 4th quarter worth approximately $26,000. First Horizon Advisors Inc. acquired a new position in Core Scientific during the 4th quarter valued at $34,000. Newbridge Financial Services Group Inc. bought a new stake in Core Scientific in the 4th quarter valued at $42,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Core Scientific in the 1st quarter worth $50,000. Finally, GAMMA Investing LLC increased its holdings in shares of Core Scientific by 1,722.3% during the 1st quarter. GAMMA Investing LLC now owns 8,565 shares of the company’s stock worth $62,000 after purchasing an additional 8,095 shares during the period.

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.