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

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) saw some unusual options trading on Thursday. Investors purchased 304,581 call options on the company. This represents an increase of 294% compared to the average daily volume of 77,367 call options.

Insider Activity at Core Scientific

In related news, insider Todd M. Duchene sold 50,000 shares of Core Scientific stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $12.31, for a total value of $615,500.00. Following the completion of the sale, the insider now directly owns 2,050,102 shares in the company, valued at $25,236,755.62. The trade was a 2.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Yadin Rozov acquired 110,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were bought at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the purchase, the director now directly owns 475,687 shares in the company, valued at $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. 1.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Several large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers increased its holdings in Core Scientific by 2.6% during the 4th quarter. Rhumbline Advisers now owns 252,971 shares of the company's stock worth $3,554,000 after purchasing an additional 6,495 shares during the period. State of New Jersey Common Pension Fund D purchased a new position in Core Scientific during the 4th quarter worth $1,791,000. Truist Financial Corp purchased a new stake in Core Scientific during the 4th quarter valued at approximately $226,000. New York State Common Retirement Fund grew its position in Core Scientific by 30.7% in the 4th quarter. New York State Common Retirement Fund now owns 187,181 shares of the company's stock valued at $2,630,000 after buying an additional 43,915 shares during the last quarter. Finally, Handelsbanken Fonder AB acquired a new stake in shares of Core Scientific in the 4th quarter valued at approximately $726,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CORZ shares. Cantor Fitzgerald reduced their price objective on Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a research note on Thursday, February 27th. Oppenheimer initiated coverage on shares of Core Scientific in a research report on Wednesday, May 14th. They set an "outperform" rating and a $15.00 price objective for the company. Citigroup started coverage on shares of Core Scientific in a research note on Thursday, May 22nd. They set an "outperform" rating for the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $18.00 price target on shares of Core Scientific in a research note on Friday. Finally, HC Wainwright restated a "buy" rating and issued a $17.00 target price on shares of Core Scientific in a research report on Tuesday, March 11th. Eighteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $18.14.

Core Scientific Stock Performance

Shares of Core Scientific stock traded up $0.29 on Friday, reaching $16.65. The company had a trading volume of 67,977,790 shares, compared to its average volume of 13,260,223. The firm has a market cap of $4.96 billion, a PE ratio of -3.31 and a beta of 6.30. The firm's 50 day moving average price is $10.27 and its two-hundred day moving average price is $11.08. Core Scientific has a 52-week low of $6.20 and a 52-week high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.10) EPS for the quarter, topping analysts' consensus estimates of ($0.12) by $0.02. The firm had revenue of $79.53 million for the quarter, compared to analyst estimates 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 last year, the company earned $0.78 earnings per share. As a group, sell-side analysts predict that Core Scientific will post 0.52 EPS for the current year.

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.