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

Core Scientific, Inc. (NASDAQ:CORZ) saw some unusual options trading activity on Wednesday. Stock traders bought 59,204 call options on the company. This is an increase of approximately 53% compared to the typical daily volume of 38,649 call options.

Insider Activity

In other news, Director Jarrod M. Patten purchased 5,021 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $9.68 per share, with a total value of $48,603.28. Following the completion of the transaction, the director now directly owns 285,760 shares in the company, valued at approximately $2,766,156.80. The purchase was disclosed in a filing with the SEC, which is available through this link. In related news, Director Jarrod M. Patten acquired 5,021 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $9.68 per share, for a total transaction of $48,603.28. Following the completion of the purchase, the director now owns 285,760 shares in the company, valued at approximately $2,766,156.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jarrod M. Patten purchased 4,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were acquired at an average price of $9.70 per share, for a total transaction of $38,800.00. Following the purchase, the director now directly owns 279,239 shares of the company’s stock, valued at $2,708,618.30. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 12,761 shares of company stock valued at $127,080 and have sold 27,655 shares valued at $260,087. Insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Several hedge funds have recently modified their holdings of CORZ. Barings LLC acquired a new stake in Core Scientific in the first quarter valued at $36,515,000. Vanguard Group Inc. acquired a new stake in shares of Core Scientific in the first quarter valued at about $21,973,000. Kensico Capital Management Corp bought a new position in shares of Core Scientific during the first quarter worth about $18,513,000. Van ECK Associates Corp acquired a new position in shares of Core Scientific in the second quarter worth approximately $12,239,000. Finally, Vident Advisory LLC bought a new stake in Core Scientific in the first quarter valued at approximately $4,047,000.

Core Scientific Price Performance

NASDAQ:CORZ opened at $12.03 on Thursday. The stock has a 50 day simple moving average of $10.11 and a 200 day simple moving average of $6.93. Core Scientific has a 1-year low of $2.61 and a 1-year high of $12.48.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The firm had revenue of $141.10 million for the quarter, compared to the consensus estimate of $128.58 million. Core Scientific’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, research analysts forecast that Core Scientific will post 0.01 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on CORZ shares. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Core Scientific in a report on Tuesday, September 10th. LADENBURG THALM/SH SH reissued a “buy” rating and set a $14.50 price target on shares of Core Scientific in a research note on Tuesday, July 2nd. B. Riley raised shares of Core Scientific from a “neutral” rating to a “buy” rating and increased their price target for the company from $0.50 to $13.00 in a research note on Wednesday, July 17th. Needham & Company LLC started coverage on shares of Core Scientific in a research note on Wednesday, September 4th. They set a “buy” rating and a $16.00 price target on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $20.00 price target on shares of Core Scientific in a research note on Tuesday, September 3rd. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $14.88.

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.