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

Core Scientific, Inc. (NASDAQ:CORZ) was the recipient of some unusual options trading on Tuesday. Investors purchased 153,381 call options on the company. This represents an increase of approximately 46% compared to the average daily volume of 105,319 call options.

Analysts Set New Price Targets

A number of brokerages have issued reports on CORZ. LADENBURG THALM/SH SH reduced their price objective on Core Scientific from $24.50 to $23.75 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Zacks Research upgraded Core Scientific from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 13th. HC Wainwright restated a “buy” rating and issued a $25.00 price objective on shares of Core Scientific in a research note on Tuesday, March 3rd. Needham & Company LLC upgraded Core Scientific from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research note on Tuesday, March 3rd. Finally, Citigroup upgraded Core Scientific from a “market perform” rating to an “outperform” rating in a research note on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.07.

Core Scientific Stock Performance

CORZ stock opened at $18.68 on Wednesday. The company has a market capitalization of $5.90 billion, a price-to-earnings ratio of 15.97 and a beta of 6.34. Core Scientific has a fifty-two week low of $6.30 and a fifty-two week high of $23.63. The stock has a fifty day moving average of $16.72 and a 200-day moving average of $17.23.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Monday, March 2nd. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.69. The firm had revenue of $79.76 million for the quarter, compared to the consensus estimate of $118.45 million. The firm’s revenue was down 16.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.69) EPS. Equities analysts predict that Core Scientific will post 0.52 EPS for the current year.

Insider Transactions at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $16.49, for a total value of $164,900.00. Following the completion of the transaction, the insider owned 2,037,089 shares in the company, valued at $33,591,597.61. This represents a 0.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP grew its stake in shares of Core Scientific by 206.5% during the 3rd quarter. Allworth Financial LP now owns 1,410 shares of the company’s stock worth $25,000 after acquiring an additional 950 shares during the period. Larson Financial Group LLC grew its stake in shares of Core Scientific by 936.7% during the 4th quarter. Larson Financial Group LLC now owns 1,866 shares of the company’s stock worth $27,000 after acquiring an additional 1,686 shares during the period. Osaic Holdings Inc. grew its stake in shares of Core Scientific by 112.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,017 shares of the company’s stock worth $34,000 after acquiring an additional 1,066 shares during the period. Danske Bank A S bought a new position in shares of Core Scientific during the 4th quarter worth $36,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Core Scientific by 61.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock worth $67,000 after acquiring an additional 1,507 shares during the period.

Core Scientific Company Profile

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.