Stock Traders Buy Large Volume of Call Options on Core Scientific (NASDAQ:CORZ)

Key Points

• Core Scientific, Inc. (NASDAQ:CORZ) experienced a significant increase in options trading, with 211,552 call options purchased—double the average daily volume.
• Analysts have mixed opinions on the stock, with nine giving a buy rating, while one rated it as sell; the consensus price target is currently set at $18.32.
• The company reported a quarterly revenue of $78.63 million, which was lower than analyst estimates of $82.09 million, reflecting a 44.3% decrease compared to the previous year.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) was the recipient of some unusual options trading activity on Monday. Traders acquired 211,552 call options on the stock. Thisrepresentsanincreaseofapproximately100% compared to the typical volume of 105,558 call options.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Needham & Company LLC downgraded shares of Core Scientific from a "moderate buy" rating to a "hold" rating and set a $18.00 target price for the company. in a report on Thursday, July 10th. Citizens Jmp downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 14th. Macquarie downgraded shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $15.00 price target for the company. in a research note on Thursday, July 10th. Roth Capital restated a "neutral" rating and issued a $20.00 price target on shares of Core Scientific in a research note on Tuesday, July 8th. Finally, Citigroup downgraded shares of Core Scientific from an "outperform" rating to a "market perform" rating in a research note on Monday, July 14th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Core Scientific presently has a consensus rating of "Hold" and an average target price of $18.32.

Insider Activity at Core Scientific

In related news, Director Yadin Rozov bought 110,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was purchased at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the acquisition, the director owned 475,687 shares of the company's stock, valued at approximately $5,170,717.69. This trade represents a 30.08% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Todd M. Duchene sold 7,759 shares of Core Scientific stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $12.39, for a total transaction of $96,134.01. Following the completion of the sale, the insider owned 2,049,689 shares of the company's stock, valued at $25,395,646.71. This trade represents a 0.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 117,759 shares of company stock valued at $1,391,434 in the last quarter. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Core Scientific

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in Core Scientific by 69.6% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 493,156 shares of the company's stock valued at $8,418,000 after acquiring an additional 202,355 shares during the last quarter. Northern Right Capital Management L.P. lifted its position in Core Scientific by 1,048.9% in the second quarter. Northern Right Capital Management L.P. now owns 1,723,422 shares of the company's stock valued at $29,419,000 after acquiring an additional 1,573,422 shares during the last quarter. FWL Investment Management LLC lifted its position in Core Scientific by 41,081.3% in the second quarter. FWL Investment Management LLC now owns 32,945 shares of the company's stock valued at $562,000 after acquiring an additional 32,865 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Core Scientific by 22.9% in the second quarter. The Manufacturers Life Insurance Company now owns 151,838 shares of the company's stock valued at $2,592,000 after acquiring an additional 28,337 shares during the last quarter. Finally, Berkshire Capital Holdings Inc. lifted its position in Core Scientific by 3,417,600.0% in the second quarter. Berkshire Capital Holdings Inc. now owns 341,770 shares of the company's stock valued at $5,834,000 after acquiring an additional 341,760 shares during the last quarter.

Core Scientific Stock Down 0.1%

CORZ traded down $0.01 on Thursday, reaching $13.84. The company had a trading volume of 30,860,177 shares, compared to its average volume of 16,482,957. Core Scientific has a 1 year low of $6.20 and a 1 year high of $18.63. The stock has a market capitalization of $4.23 billion, a PE ratio of -24.71 and a beta of 6.60. The stock has a 50-day moving average price of $13.73 and a 200-day moving average price of $10.98.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. The company had revenue of $78.63 million during the quarter, compared to analysts' expectations of $82.09 million. Core Scientific's revenue was down 44.3% compared to the same quarter last year. As a group, analysts expect that Core Scientific will post 0.52 earnings per share for the current fiscal year.

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.