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

Key Points

• Investors showed significant interest in Core Scientific, with a reported 275,807 call options traded, marking a 132% increase over the typical daily volume.
• Core Scientific's stock price rose by 5.9% to $14.75 amid unusual trading activity, while the company has a market cap of approximately $4.50 billion.
• Insider Todd M. Duchene sold 7,759 shares valued at around $96,134, reducing his position by 0.38% to 2,049,689 shares.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) was the recipient of some unusual options trading activity on Tuesday. Stock traders acquired 275,807 call options on the stock. This is an increase of 132% compared to the typical volume of 118,977 call options.

Core Scientific Trading Up 2.0%

Shares of NASDAQ:CORZ traded up $0.31 during trading on Friday, reaching $15.86. The stock had a trading volume of 9,757,001 shares, compared to its average volume of 14,806,059. Core Scientific has a one year low of $6.20 and a one year high of $18.63. The company has a market capitalization of $4.84 billion, a P/E ratio of -28.32 and a beta of 6.59. The firm's 50-day simple moving average is $13.96 and its 200 day simple moving average is $11.34.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released 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 firm had revenue of $78.63 million during the quarter, compared to the consensus estimate of $82.09 million. The business's quarterly revenue was down 44.3% on a year-over-year basis. Equities research analysts forecast that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 7,759 shares of the company's 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 directly owned 2,049,689 shares of the company's stock, valued at approximately $25,395,646.71. This represents a 0.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.40% of the company's stock.

Institutional Trading of Core Scientific

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Core Scientific by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 20,578,100 shares of the company's stock valued at $148,985,000 after acquiring an additional 1,199,448 shares during the period. Situational Awareness LP lifted its stake in Core Scientific by 76.8% during the 2nd quarter. Situational Awareness LP now owns 7,994,038 shares of the company's stock valued at $136,458,000 after acquiring an additional 3,472,460 shares during the period. Geode Capital Management LLC lifted its stake in Core Scientific by 26.2% during the 2nd quarter. Geode Capital Management LLC now owns 7,371,211 shares of the company's stock valued at $125,842,000 after acquiring an additional 1,530,466 shares during the period. State Street Corp lifted its stake in Core Scientific by 23.2% during the 2nd quarter. State Street Corp now owns 6,517,898 shares of the company's stock valued at $111,261,000 after acquiring an additional 1,225,351 shares during the period. Finally, Fred Alger Management LLC increased its holdings in shares of Core Scientific by 46.7% during the 1st 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.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CORZ shares. Barclays lowered shares of Core Scientific to an "underweight" rating in a research report on Tuesday, July 8th. Canaccord Genuity Group restated a "buy" rating and set a $17.00 target price on shares of Core Scientific in a research report on Friday, June 27th. Oppenheimer restated a "market perform" rating on shares of Core Scientific in a report on Monday, July 7th. Arete Research upgraded shares of Core Scientific to a "strong-buy" rating in a report on Tuesday, July 22nd. Finally, Roth Capital reduced their price target on shares of Core Scientific from $20.00 to $17.00 and set a "neutral" rating on the stock in a research note on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $18.39.

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.