Investors Buy High Volume of Call Options on Core Scientific (NASDAQ:CORZ)

Key Points

• Investors bought an unusually large number of call options—153,381 contracts on Tuesday, a 46% increase versus typical call volume—signaling elevated bullish/options interest in CORZ.
• Analyst sentiment has trended positive with multiple upgrades; the stock carries a consensus rating of "Moderate Buy" and a consensus target of $25.07, with firms like Cantor Fitzgerald raising targets to $29 and BTIG assigning a buy rating.
• Core Scientific recently reported mixed results: it beat EPS estimates with $0.42 but missed revenue expectations, and the shares traded at $18.60 with a high beta (6.34) and a 52-week range of $6.30–$23.63.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) saw some unusual options trading activity on Tuesday. Investors acquired 153,381 call options on the stock. This represents an increase of 46% compared to the typical volume of 105,319 call options.

Analyst Ratings Changes

CORZ has been the topic of several research analyst reports. Citigroup upgraded Core Scientific from a "market perform" rating to an "outperform" rating in a research note on Thursday, December 18th. Weiss Ratings restated a "sell (d-)" rating on shares of Core Scientific in a research note on Wednesday, January 21st. Wall Street Zen upgraded shares of Core Scientific to a "sell" rating in a report on Saturday, March 14th. BTIG Research raised shares of Core Scientific from a "neutral" rating to a "buy" rating and set a $23.00 price objective for the company in a research report on Tuesday, January 6th. Finally, Cantor Fitzgerald boosted their target price on shares of Core Scientific from $25.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $25.07.

Core Scientific Price Performance

CORZ traded down $0.11 on Tuesday, reaching $18.60. 11,596,268 shares of the stock were exchanged, compared to its average volume of 11,600,521. The company's 50-day moving average price is $16.70 and its 200 day moving average price is $17.22. The firm has a market capitalization of $5.87 billion, a PE ratio of 15.92 and a beta of 6.34. Core Scientific has a fifty-two week low of $6.30 and a fifty-two week high of $23.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Monday, March 2nd. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of ($0.27) by $0.69. The firm had revenue of $79.76 million for the quarter, compared to analyst estimates of $118.45 million. During the same period last year, the firm earned ($0.69) EPS. The company's revenue for the quarter was down 16.0% compared to the same quarter last year. As a group, equities analysts forecast that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of Core Scientific stock in a transaction on Monday, April 6th. The shares were sold at an average price of $16.49, for a total value of $164,900.00. Following the transaction, the insider directly owned 2,037,089 shares of the company's stock, valued at approximately $33,591,597.61. The trade was a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.40% of the company's stock.

Institutional Trading of Core Scientific

A number of hedge funds and other institutional investors have recently made changes to their positions in CORZ. Allworth Financial LP grew its position in shares of Core Scientific by 206.5% in the third quarter. Allworth Financial LP now owns 1,410 shares of the company's stock valued at $25,000 after purchasing an additional 950 shares during the period. Larson Financial Group LLC lifted its stake in shares of Core Scientific by 936.7% in the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company's stock valued at $27,000 after purchasing an additional 1,686 shares during the last quarter. Osaic Holdings Inc. grew its holdings in shares of Core Scientific by 112.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company's stock worth $34,000 after purchasing an additional 1,066 shares during the period. Danske Bank A S acquired a new stake in shares of Core Scientific during the 4th quarter worth about $36,000. Finally, Russell Investments Group Ltd. raised its holdings in Core Scientific by 61.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company's stock valued at $67,000 after buying an additional 1,507 shares during the period.

About Core Scientific

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.