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

Core Scientific, Inc. (NASDAQ:CORZ) was the recipient of unusually large options trading activity on Friday. Traders purchased 182,991 call options on the stock. This represents an increase of approximately 117% compared to the average volume of 84,411 call options.

Core Scientific Stock Down 6.3%

Shares of CORZ traded down $1.11 during mid-day trading on Friday, reaching $16.51. The company’s stock had a trading volume of 11,997,325 shares, compared to its average volume of 12,713,044. The company has a market cap of $5.31 billion, a price-to-earnings ratio of -3.74 and a beta of 5.59. The business has a fifty day moving average of $22.10 and a 200 day moving average of $21.05. Core Scientific has a 1 year low of $13.14 and a 1 year high of $30.46.

Core Scientific (NASDAQ:CORZ) last issued 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 analyst estimates of $144.83 million. On average, analysts predict that Core Scientific will post -1.36 earnings per share for the current year.

Analysts Set New Price Targets

CORZ has been the topic of a number of recent analyst reports. Capital One Financial set a $33.00 target price on Core Scientific in a research report on Thursday, July 30th. Freedom Capital upgraded Core Scientific from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. Sanford C. Bernstein reissued an “outperform” rating and issued a $32.00 price target on shares of Core Scientific in a research note on Wednesday, June 3rd. B. Riley Financial boosted their price objective on Core Scientific from $33.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Finally, Compass Point reaffirmed a “buy” rating and set a $36.00 price objective on shares of Core Scientific in a research note on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $32.18.

Insider Activity

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $19.97, for a total value of $199,700.00. Following the transaction, the insider owned 1,969,101 shares of the company’s stock, valued at approximately $39,322,946.97. This represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 100,000 shares of company stock valued at $2,360,300 over the last quarter. 1.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

A number of large investors have recently made changes to their positions in the business. Xponance LLC grew its position in Core Scientific by 2.5% during the fourth quarter. Xponance LLC now owns 22,896 shares of the company’s stock valued at $333,000 after purchasing an additional 562 shares in the last quarter. Handelsbanken Fonder AB lifted its position in Core Scientific by 0.7% in the 2nd quarter. Handelsbanken Fonder AB now owns 94,500 shares of the company’s stock worth $2,418,000 after buying an additional 700 shares in the last quarter. Orion Porfolio Solutions LLC lifted its position in Core Scientific by 5.2% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 15,539 shares of the company’s stock worth $279,000 after buying an additional 766 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Core Scientific by 34.5% during the 2nd 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. Finally, Bank of Montreal Can boosted its stake in shares of Core Scientific by 4.2% during the 4th quarter. Bank of Montreal Can now owns 21,592 shares of the company’s stock valued at $314,000 after buying an additional 869 shares during the period.

About Core Scientific

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.