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

Core Scientific, Inc. (NASDAQ:CORZ) was the target of unusually large options trading on Thursday. Traders bought 304,581 call options on the company. This represents an increase of approximately 294% compared to the typical volume of 77,367 call options.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CORZ shares. Roth Mkm reiterated a “buy” rating and issued a $20.00 price target on shares of Core Scientific in a research note on Thursday. JMP Securities started coverage on shares of Core Scientific in a research report on Thursday, May 22nd. They set a “market outperform” rating and a $15.00 price objective 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. Citizens Jmp upgraded shares of Core Scientific to a “strong-buy” rating and set a $15.00 price objective for the company in a research report on Thursday, May 22nd. Finally, Canaccord Genuity Group restated a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research report on Friday. Eighteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $18.14.

Insider Buying and Selling

In other news, Director Yadin Rozov acquired 110,000 shares of Core Scientific stock in a transaction dated Wednesday, May 28th. The stock was bought at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the acquisition, the director now directly owns 475,687 shares in the company, valued at approximately $5,170,717.69. The trade was a 30.08% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Todd M. Duchene sold 7,759 shares of the business’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $12.39, for a total value of $96,134.01. Following the sale, the insider now owns 2,049,689 shares of the company’s stock, valued at approximately $25,395,646.71. This represents a 0.38% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 117,759 shares of company stock worth $1,391,434. Company insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

A number of hedge funds have recently modified their holdings of the stock. FMR LLC grew its holdings in Core Scientific by 2,937.7% during the fourth quarter. FMR LLC now owns 7,436,229 shares of the company’s stock valued at $104,479,000 after purchasing an additional 7,191,428 shares during the period. Vanguard Group Inc. grew its holdings in Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after purchasing an additional 6,819,406 shares during the period. Helix Partners Management LP bought a new position in Core Scientific during the fourth quarter valued at $86,498,000. Driehaus Capital Management LLC grew its holdings in Core Scientific by 112.1% during the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after purchasing an additional 5,424,901 shares during the period. Finally, Situational Awareness LP bought a new position in Core Scientific during the first quarter valued at $32,736,000.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $16.65 on Friday. The firm has a market cap of $4.96 billion, a price-to-earnings ratio of -3.31 and a beta of 6.30. Core Scientific has a 52 week low of $6.20 and a 52 week high of $18.63. The firm has a 50-day moving average price of $10.47 and a two-hundred day moving average price of $11.09.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate 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 quarterly revenue was down 55.6% on a year-over-year basis. During the same quarter last year, the business posted $0.78 EPS. As a group, sell-side analysts forecast that Core Scientific will post 0.52 earnings per share for the current 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.