Core Scientific Target of Unusually Large Options Trading (NASDAQ:CORZ)

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) was the target of some unusual options trading on Friday. Stock traders purchased 156,198 call options on the company. This represents an increase of approximately 59% compared to the typical volume of 98,325 call options.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 60,000 shares of Core Scientific stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total transaction of $679,800.00. Following the completion of the transaction, the insider owned 2,100,102 shares in the company, valued at approximately $23,794,155.66. The trade was a 2.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Yadin Rozov bought 110,000 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was acquired at an average price of $10.87 per share, for a total transaction of $1,195,700.00. Following the purchase, the director directly owned 475,687 shares in the company, valued at approximately $5,170,717.69. The trade was a 30.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 117,759 shares of company stock valued at $1,391,434 in the last quarter. Company insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Core Scientific

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Xponance Inc. boosted its stake in shares of Core Scientific by 7.9% during the 4th quarter. Xponance Inc. now owns 12,800 shares of the company's stock worth $180,000 after acquiring an additional 937 shares during the last quarter. Summit Investment Advisors Inc. boosted its stake in shares of Core Scientific by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 18,658 shares of the company's stock worth $262,000 after acquiring an additional 1,185 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Core Scientific by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 11,967 shares of the company's stock worth $87,000 after acquiring an additional 1,256 shares during the last quarter. SBI Securities Co. Ltd. boosted its stake in shares of Core Scientific by 17.8% during the 1st quarter. SBI Securities Co. Ltd. now owns 10,391 shares of the company's stock worth $75,000 after acquiring an additional 1,567 shares during the last quarter. Finally, US Bancorp DE boosted its stake in shares of Core Scientific by 23.7% during the 1st quarter. US Bancorp DE now owns 8,682 shares of the company's stock worth $63,000 after acquiring an additional 1,663 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CORZ. Citigroup cut shares of Core Scientific from an "outperform" rating to a "market perform" rating in a report on Monday. Oppenheimer reiterated a "market perform" rating on shares of Core Scientific in a research report on Monday, July 7th. Citizens Jmp upgraded shares of Core Scientific to a "strong-buy" rating and set a $15.00 target price for the company in a research report on Thursday, May 22nd. JMP Securities reiterated a "market perform" rating and issued a $15.00 target price on shares of Core Scientific in a research report on Monday. Finally, BTIG Research lowered shares of Core Scientific from a "strong-buy" rating to a "hold" rating and set a $20.00 target price for the company. in a research report on Monday, July 7th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $18.22.

Core Scientific Stock Up 8.4%

Shares of NASDAQ CORZ traded up $1.05 on Monday, reaching $13.56. 24,605,507 shares of the company's stock traded hands, compared to its average volume of 14,020,328. Core Scientific has a 12 month low of $6.20 and a 12 month high of $18.63. The business's 50 day simple moving average is $12.22 and its two-hundred day simple moving average is $11.07. The company has a market cap of $4.04 billion, a price-to-earnings ratio of -2.70 and a beta of 6.71.

Core Scientific (NASDAQ:CORZ - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. The business had revenue of $79.53 million for the quarter, compared to the consensus estimate of $92.04 million. During the same period in the prior year, the business posted $0.78 EPS. Core Scientific's revenue for the quarter was down 55.6% on a year-over-year basis. Analysts forecast that Core Scientific will post 0.52 earnings per share for the current fiscal year.

About Core Scientific

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.