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

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

Insider Activity

In other news, Director Yadin Rozov acquired 110,000 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was bought at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the acquisition, the director directly owned 475,687 shares of the company's stock, valued at approximately $5,170,717.69. The trade was a 30.08% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd M. Duchene sold 60,000 shares of Core Scientific stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $11.33, for a total value of $679,800.00. Following the completion of the sale, the insider directly owned 2,100,102 shares of the company's stock, valued at $23,794,155.66. The trade was a 2.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 117,759 shares of company stock worth $1,391,434 in the last 90 days. Company insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Core Scientific

Several institutional investors have recently added to or reduced their stakes in CORZ. Wellington Shields & Co. LLC acquired a new position in Core Scientific in the 4th quarter worth about $26,000. State of Wyoming purchased a new position in Core Scientific during the first quarter worth approximately $34,000. Emerald Mutual Fund Advisers Trust purchased a new position in Core Scientific during the first quarter worth approximately $38,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Core Scientific during the first quarter worth approximately $50,000. Finally, CWM LLC boosted its position in Core Scientific by 403.9% during the first quarter. CWM LLC now owns 8,092 shares of the company's stock worth $59,000 after purchasing an additional 6,486 shares in the last quarter.

Core Scientific Trading Down 1.9%

NASDAQ CORZ opened at $13.18 on Friday. The company's 50-day moving average price is $12.14 and its 200-day moving average price is $11.14. The stock has a market cap of $3.93 billion, a PE ratio of -2.62 and a beta of 6.71. Core Scientific has a 12 month low of $6.20 and a 12 month high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $79.53 million during the quarter, compared to analysts' expectations of $92.04 million. Core Scientific's quarterly revenue was down 55.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.78 earnings per share. As a group, sell-side analysts forecast that Core Scientific will post 0.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CORZ. JMP Securities began coverage on Core Scientific in a research note on Thursday, May 22nd. They set a "market outperform" rating and a $15.00 price objective for the company. Roth Capital reiterated a "neutral" rating and set a $20.00 price objective on shares of Core Scientific in a research note on Tuesday. Barclays downgraded Core Scientific to an "underweight" rating in a research note on Tuesday. Craig Hallum downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Monday. Finally, HC Wainwright downgraded Core Scientific from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $18.22.

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.

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