Stock Traders Buy High Volume of Core Scientific Call Options (NASDAQ:CORZ)

Core Scientific, Inc. (NASDAQ:CORZ) saw unusually large options trading activity on Monday. Traders bought 160,780 call options on the stock. This is an increase of approximately 202% compared to the average volume of 53,189 call options.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Macquarie increased their price objective on shares of Core Scientific from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Compass Point increased their target price on Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods initiated coverage on Core Scientific in a research report on Monday. They issued an “outperform” rating and a $22.00 price target for the company. Jefferies Financial Group assumed coverage on Core Scientific in a research report on Monday, October 28th. They set a “buy” rating and a $19.00 price objective 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 report on Thursday, October 3rd. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $19.07.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 129,861 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were 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 represents a 5.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total transaction of $6,004,122.88. Following the transaction, the chief executive officer now directly owns 3,758,793 shares in the company, valued at $61,042,798.32. This trade represents a 8.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 744,032 shares of company stock valued at $11,863,966 in the last 90 days. Company insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Hedge funds have recently added to or reduced their stakes in the business. Rise Advisors LLC raised its stake in shares of Core Scientific by 14.3% during the 3rd quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock valued at $95,000 after buying an additional 1,000 shares during the last quarter. Joel Isaacson & Co. LLC grew its holdings in Core Scientific by 4.5% during the fourth quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company’s stock worth $815,000 after acquiring an additional 2,500 shares during the period. Newbridge Financial Services Group Inc. purchased a new position in Core Scientific during the fourth quarter valued at approximately $42,000. Sunbelt Securities Inc. purchased a new stake in Core Scientific in the 2nd quarter worth approximately $33,000. Finally, Vontobel Holding Ltd. increased its holdings in shares of Core Scientific by 10.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 38,089 shares of the company’s stock valued at $452,000 after purchasing an additional 3,591 shares in the last quarter.

Core Scientific Stock Performance

Shares of CORZ stock opened at $11.31 on Wednesday. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.63. The firm has a market capitalization of $3.16 billion and a PE ratio of -2.09. The stock’s 50-day simple moving average is $15.37 and its 200-day simple moving average is $13.03.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The business had revenue of $95.35 million for the quarter, compared to analyst estimates of $94.80 million. Sell-side analysts forecast that Core Scientific will post 0.5 earnings per share for the current year.

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.