Traders Purchase High Volume of Call Options on Core Scientific (NASDAQ:CORZ)

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) was the target of unusually large options trading activity on Friday. Investors purchased 156,198 call options on the company. This is an increase of approximately 59% compared to the typical daily volume of 98,325 call options.

Core Scientific Stock Down 5.1%

CORZ traded down $0.67 during midday trading on Friday, reaching $12.51. The company had a trading volume of 20,801,046 shares, compared to its average volume of 13,963,364. The business has a 50-day moving average of $12.22 and a two-hundred day moving average of $11.12. The company has a market cap of $3.73 billion, a P/E ratio of -2.49 and a beta of 6.71. Core Scientific has a 1 year low of $6.20 and a 1 year high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced 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 for the quarter, compared to the consensus estimate of $92.04 million. The firm's revenue for the quarter was down 55.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.78 earnings per share. On average, equities research analysts predict that Core Scientific will post 0.52 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CORZ. HC Wainwright cut Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. BTIG Research downgraded Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 price target for the company. in a report on Monday. Craig Hallum downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a report on Monday. Roth Capital restated a "neutral" rating and set a $20.00 price target on shares of Core Scientific in a report on Tuesday. Finally, Macquarie downgraded Core Scientific from a "strong-buy" rating to a "hold" rating and set a $15.00 price target for the company. in a report on Thursday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Core Scientific has a consensus rating of "Moderate Buy" and an average price target of $18.22.

Insiders Place Their Bets

In other news, Director Yadin Rozov purchased 110,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The shares were bought at an average cost of $10.87 per share, for a total transaction of $1,195,700.00. Following the completion of the transaction, the director directly owned 475,687 shares of the company's stock, valued at $5,170,717.69. This trade represents a 30.08% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 value of $96,134.01. Following the sale, the insider owned 2,049,689 shares in the company, valued at $25,395,646.71. This represents a 0.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 117,759 shares of company stock worth $1,391,434. Insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Core Scientific

A number of hedge funds have recently made changes to their positions in the business. Oppenheimer Asset Management Inc. grew its holdings in Core Scientific by 229.9% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 37,501 shares of the company's stock valued at $272,000 after buying an additional 26,135 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Core Scientific during the 4th quarter valued at approximately $527,000. Summit Trail Advisors LLC purchased a new stake in Core Scientific during the 1st quarter valued at approximately $357,000. Deutsche Bank AG grew its holdings in Core Scientific by 53.8% during the 4th quarter. Deutsche Bank AG now owns 165,032 shares of the company's stock valued at $2,319,000 after buying an additional 57,742 shares in the last quarter. Finally, Millennium Management LLC purchased a new stake in Core Scientific during the 4th quarter valued at approximately $1,335,000.

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.