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

Core Scientific logo with Finance background

Key Points

  • Core Scientific experienced an 83% increase in call options trading, with 245,917 call options purchased on Thursday, indicating heightened investor interest.
  • Institutional investments in Core Scientific have surged, with PNC Financial Services increasing its holdings by 396.8% in the second quarter, reflecting growing confidence among major investors.
  • Despite reporting better-than-expected earnings of ($0.04) EPS, Core Scientific's revenue fell 44.3% year-over-year, suggesting ongoing challenges for the company.
  • Interested in Core Scientific? Here are five stocks we like better.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) was the recipient of some unusual options trading on Thursday. Stock traders purchased 245,917 call options on the company. This represents an increase of approximately 83% compared to the average volume of 134,144 call options.

Institutional Investors Weigh In On Core Scientific

Hedge funds have recently added to or reduced their stakes in the business. HHM Wealth Advisors LLC increased its holdings in Core Scientific by 96.5% in the second quarter. HHM Wealth Advisors LLC now owns 1,926 shares of the company's stock worth $33,000 after purchasing an additional 946 shares in the last quarter. Osaic Holdings Inc. increased its holdings in Core Scientific by 112.1% in the second quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock worth $34,000 after purchasing an additional 1,066 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Core Scientific by 68.3% in the second quarter. Advisors Asset Management Inc. now owns 2,690 shares of the company's stock worth $46,000 after purchasing an additional 1,092 shares in the last quarter. Bernard Wealth Management Corp. bought a new stake in Core Scientific in the second quarter worth approximately $51,000. Finally, PNC Financial Services Group Inc. increased its holdings in Core Scientific by 396.8% in the second quarter. PNC Financial Services Group Inc. now owns 3,731 shares of the company's stock worth $64,000 after purchasing an additional 2,980 shares in the last quarter.

Core Scientific Price Performance

Shares of Core Scientific stock traded down $0.27 during midday trading on Thursday, reaching $19.67. The company had a trading volume of 22,937,041 shares, compared to its average volume of 16,160,035. The stock has a fifty day moving average price of $15.79 and a 200 day moving average price of $12.71. The firm has a market cap of $6.05 billion, a PE ratio of -35.13 and a beta of 6.58. Core Scientific has a fifty-two week low of $6.20 and a fifty-two week high of $20.36.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings data on Friday, August 8th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.03. The company had revenue of $78.63 million during the quarter, compared to analyst estimates of $82.09 million. The firm's quarterly revenue was down 44.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Core Scientific will post 0.52 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on CORZ shares. Craig Hallum lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Core Scientific in a research note on Wednesday, October 8th. JMP Securities reissued a "market perform" rating on shares of Core Scientific in a research note on Tuesday, August 12th. Citizens Jmp lowered Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 14th. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research note on Friday, June 27th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Core Scientific has an average rating of "Hold" and a consensus target price of $18.71.

Check Out Our Latest Research Report on CORZ

About Core Scientific

(Get Free Report)

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.

Further Reading

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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