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

Core Scientific, Inc. (NASDAQ:CORZ) was the recipient of unusually large options trading on Thursday. Traders purchased 84,807 call options on the stock. This represents an increase of approximately 31% compared to the typical daily volume of 64,783 call options.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods assumed coverage on shares of Core Scientific in a research report on Monday, January 27th. They set an “outperform” rating and a $22.00 price objective 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 research report on Thursday, February 27th. Cantor Fitzgerald cut their target price on Core Scientific from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. HC Wainwright reissued a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a report on Tuesday, March 11th. Finally, BTIG Research raised their price objective on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $19.07.

Core Scientific Stock Up 3.3 %

NASDAQ CORZ traded up $0.25 on Thursday, reaching $7.88. The company had a trading volume of 34,453,522 shares, compared to its average volume of 11,296,747. Core Scientific has a 52 week low of $2.61 and a 52 week high of $18.63. The stock’s 50 day moving average is $11.17 and its 200-day moving average is $13.13. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of -1.46 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million during the quarter, compared to the consensus estimate of $97.07 million. As a group, analysts forecast that Core Scientific will post 0.52 EPS for the current year.

Insiders Place Their Bets

In other news, insider Todd M. Duchene sold 129,861 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 2,051,649 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this link. Also, CEO Adam Taylor Sullivan sold 369,712 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $6,004,122.88. Following the completion of the transaction, the chief executive officer now directly owns 3,758,793 shares in the company, valued at approximately $61,042,798.32. The trade was a 8.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 748,282 shares of company stock worth $10,978,104. Company insiders own 32.00% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Several large investors have recently made changes to their positions in CORZ. FMR LLC increased its holdings in Core Scientific by 2,937.7% during the 4th quarter. FMR LLC now owns 7,436,229 shares of the company’s stock worth $104,479,000 after purchasing an additional 7,191,428 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock worth $272,270,000 after buying an additional 6,819,406 shares in the last quarter. Helix Partners Management LP bought a new position in shares of Core Scientific during the fourth quarter worth about $86,498,000. Driehaus Capital Management LLC raised its position in Core Scientific by 112.1% in the 4th quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after buying an additional 5,424,901 shares during the last quarter. Finally, Fred Alger Management LLC bought a new stake in Core Scientific in the 4th quarter valued at approximately $62,011,000.

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.