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

Core Scientific, Inc. (NASDAQ:CORZ) saw unusually large options trading on Tuesday. Traders acquired 150,168 call options on the stock. This represents an increase of approximately 103% compared to the average volume of 74,046 call options.

Insider Buying and Selling

In related news, Director Yadin Rozov purchased 110,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 28th. The shares were bought at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the purchase, the director now directly owns 475,687 shares of the company’s stock, valued at approximately $5,170,717.69. This represents a 30.08% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Todd M. Duchene sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total value of $679,800.00. Following the completion of the sale, the insider now owns 2,100,102 shares in the company, valued at $23,794,155.66. The trade was a 2.78% decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CORZ. Vanguard Group Inc. boosted its stake in shares of Core Scientific by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company’s stock worth $148,985,000 after acquiring an additional 1,199,448 shares during the last quarter. Beryl Capital Management LLC increased its stake in shares of Core Scientific by 24.3% in the 4th quarter. Beryl Capital Management LLC now owns 18,179,586 shares of the company’s stock worth $255,423,000 after purchasing an additional 3,548,396 shares in the last quarter. Driehaus Capital Management LLC increased its stake in shares of Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock worth $144,212,000 after purchasing an additional 5,424,901 shares in the last quarter. FMR LLC raised its holdings in Core Scientific by 2,937.7% in the 4th quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after purchasing an additional 7,191,428 shares during the period. Finally, Fred Alger Management LLC lifted its position in Core Scientific by 46.7% during the first quarter. Fred Alger Management LLC now owns 6,473,552 shares of the company’s stock valued at $46,869,000 after purchasing an additional 2,059,985 shares in the last quarter.

Core Scientific Stock Performance

CORZ stock opened at $12.56 on Thursday. Core Scientific has a fifty-two week low of $6.20 and a fifty-two week high of $18.63. The business’s 50-day moving average is $8.69 and its two-hundred day moving average is $11.60. The company has a market cap of $3.74 billion, a price-to-earnings ratio of -2.32 and a beta of 6.66.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share 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 the consensus estimate of $92.04 million. During the same period in the prior year, the company posted $0.78 EPS. The firm’s revenue was down 55.6% compared to the same quarter last year. Equities analysts predict that Core Scientific will post 0.52 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on CORZ shares. Citigroup started coverage on Core Scientific in a research note on Thursday, May 22nd. They issued an “outperform” rating on the stock. Cantor Fitzgerald cut their price target on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research note on Tuesday, March 11th. Needham & Company LLC restated a “buy” rating and issued a $16.00 price target on shares of Core Scientific in a research note on Friday, May 16th. Finally, Compass Point lowered their price target on Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Eighteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $18.33.

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.