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

Key Points

• Options activity surged: Investors purchased 137,173 Core Scientific call options, about 118% above the typical volume of 62,803 contracts.
• Analysts remain broadly bullish: Core Scientific has a consensus “Moderate Buy” rating and an average price target of $30.86, well above its reported share price of $15.31.
• Shares declined amid weak earnings: CORZ fell 4.0% to $15.31 after the company reported a quarterly loss of $3.32 per share, significantly missing the $0.06 consensus estimate, despite revenue exceeding expectations.

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) was the target of unusually large options trading activity on Thursday. Stock investors purchased 137,173 call options on the company. This represents an increase of approximately 118% compared to the typical volume of 62,803 call options.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CORZ shares. UBS Group initiated coverage on Core Scientific in a report on Wednesday, September 23rd. They issued a "buy" rating and a $24.00 price objective for the company. Freedom Capital raised Core Scientific from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. BTIG Research reiterated a "buy" rating and issued a $38.00 price target on shares of Core Scientific in a report on Tuesday, July 28th. Loop Capital set a $40.00 price target on Core Scientific in a research report on Friday, June 12th. Finally, B. Riley Financial raised their price objective on Core Scientific from $33.00 to $42.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Core Scientific has an average rating of "Moderate Buy" and a consensus price target of $30.86.

Insider Buying and Selling

In related news, Director Eric Weiss purchased 6,000 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The shares were purchased at an average cost of $16.33 per share, with a total value of $97,980.00. Following the completion of the acquisition, the director directly owned 265,262 shares of the company's stock, valued at approximately $4,331,728.46. The trade was a 2.31% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Elizabeth Crain acquired 6,000 shares of Core Scientific stock in a transaction on Thursday, August 20th. The shares were bought at an average price of $18.33 per share, for a total transaction of $109,980.00. Following the completion of the purchase, the director directly owned 71,348 shares in the company, valued at $1,307,808.84. The trade was a 9.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders purchased 19,000 shares of company stock worth $342,290 and sold 90,000 shares worth $1,730,100. Insiders own 1.70% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CORZ. Parkside Financial Bank & Trust increased its stake in Core Scientific by 1,371.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company's stock valued at $30,000 after buying an additional 1,097 shares during the period. CoreCap Advisors LLC acquired a new position in shares of Core Scientific during the 2nd quarter valued at $36,000. Rakuten Securities Inc. acquired a new position in shares of Core Scientific during the 2nd quarter valued at $47,000. PNC Financial Services Group Inc. raised its stake in shares of Core Scientific by 41.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company's stock worth $66,000 after buying an additional 1,285 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Core Scientific by 34.5% in the second quarter. GAMMA Investing LLC now owns 3,049 shares of the company's stock valued at $78,000 after buying an additional 782 shares during the period.

Core Scientific Stock Down 4.0%

NASDAQ CORZ traded down $0.63 on Thursday, hitting $15.31. The stock had a trading volume of 10,666,736 shares, compared to its average volume of 12,521,393. Core Scientific has a one year low of $13.35 and a one year high of $30.46. The stock has a market cap of $4.92 billion, a price-to-earnings ratio of -3.45 and a beta of 5.49. The company's 50-day moving average is $18.29 and its two-hundred day moving average is $21.10.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($3.26). The firm had revenue of $164.20 million during the quarter, compared to the consensus estimate of $144.83 million. On average, sell-side analysts anticipate that Core Scientific will post -1.36 earnings per share for the current year.

Core Scientific Company Profile

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers in the United States. Its business has historically centered on cryptocurrency mining, particularly the processing of transactions on the Bitcoin network, while also providing hosting and infrastructure services to other mining and technology customers.

The company is expanding its data center capabilities to support high-performance computing and artificial intelligence workloads. Its services include data center operations, power and equipment management, hosting, and related infrastructure support for customers that require substantial computing capacity.

Core Scientific was founded in 2017 and became a publicly traded company through a business combination in 2022.

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