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

Core Scientific, Inc. (NASDAQ:CORZ) was the recipient of some unusual options trading on Thursday. Traders acquired 84,807 call options on the company. This represents an increase of 31% compared to the average daily volume of 64,783 call options.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 129,861 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the completion of the sale, the insider now directly owns 2,051,649 shares of the company’s stock, valued at $29,215,481.76. This trade represents a 5.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jordan Levy purchased 62,500 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $8.01 per share, for a total transaction of $500,625.00. Following the purchase, the director now owns 306,887 shares in the company, valued at $2,458,164.87. This trade represents a 25.57 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 748,282 shares of company stock worth $10,978,104 over the last ninety days. 32.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

Several large investors have recently modified their holdings of CORZ. Wellington Shields & Co. LLC acquired a new stake in Core Scientific in the fourth quarter valued at $26,000. First Horizon Advisors Inc. acquired a new stake in shares of Core Scientific in the fourth quarter valued at about $34,000. Newbridge Financial Services Group Inc. bought a new position in shares of Core Scientific during the fourth quarter worth about $42,000. Vestcor Inc acquired a new position in shares of Core Scientific in the fourth quarter worth approximately $66,000. Finally, US Bancorp DE bought a new stake in Core Scientific in the fourth quarter valued at approximately $99,000.

Core Scientific Stock Up 3.3 %

Shares of NASDAQ CORZ traded up $0.25 during midday trading on Thursday, reaching $7.88. 34,453,522 shares of the company were exchanged, compared to its average volume of 11,296,747. The stock’s 50-day moving average price is $11.17 and its 200-day moving average price is $13.13. The stock has a market cap of $2.32 billion, a P/E ratio of -1.46 and a beta of 6.83. Core Scientific has a one year low of $2.61 and a one year high of $18.63.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The firm had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. On average, equities research analysts anticipate that Core Scientific will post 0.52 EPS for the current year.

Wall Street Analysts Forecast Growth

CORZ has been the topic of a number of recent research reports. Craig Hallum assumed coverage on shares of Core Scientific in a research report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target on the stock. Needham & Company LLC lowered their target price on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research note on Wednesday, March 12th. BTIG Research raised their price objective on Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Finally, HC Wainwright reiterated a “buy” rating and set a $17.00 target price on shares of Core Scientific in a research report on Tuesday, March 11th. Fifteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $19.07.

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.