Core Scientific Sees Unusually High Options Volume (NASDAQ:CORZ)

Core Scientific, Inc. (NASDAQ:CORZ) saw unusually large options trading on Thursday. Stock traders purchased 304,581 call options on the stock. This is an increase of 294% compared to the average volume of 77,367 call options.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CORZ. Oppenheimer assumed coverage on Core Scientific in a report on Wednesday, May 14th. They issued an “outperform” rating and a $15.00 target price for the company. Roth Mkm reissued a “buy” rating and issued a $20.00 price objective on shares of Core Scientific in a research report on Thursday. Cantor Fitzgerald lowered their target price on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a report on Friday, May 9th. Finally, Needham & Company LLC increased their price target on shares of Core Scientific from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Eighteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Core Scientific presently has a consensus rating of “Buy” and a consensus price target of $18.14.

Core Scientific Stock Performance

NASDAQ CORZ opened at $16.36 on Friday. The company has a market cap of $4.87 billion, a P/E ratio of -3.25 and a beta of 6.30. The business’s 50 day moving average price is $10.27 and its 200-day moving average price is $11.08. Core Scientific has a fifty-two week low of $6.20 and a fifty-two week high of $18.63.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results 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 analysts’ expectations of $92.04 million. During the same period in the previous year, the company posted $0.78 earnings per share. The business’s quarterly revenue was down 55.6% compared to the same quarter last year. As a group, equities analysts predict that Core Scientific will post 0.52 EPS for the current year.

Insider Transactions at Core Scientific

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 acquired at an average cost of $10.87 per share, with a total value of $1,195,700.00. Following the purchase, the director now owns 475,687 shares in the company, valued at $5,170,717.69. This represents a 30.08% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Todd M. Duchene sold 50,000 shares of the business’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $12.31, for a total transaction of $615,500.00. Following the sale, the insider now owns 2,050,102 shares of the company’s stock, valued at $25,236,755.62. This trade represents a 2.38% decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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

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.