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

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

Insiders Place Their Bets

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of Core Scientific stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,258,531.20. Following the completion of the transaction, the chief executive officer now owns 4,128,505 shares in the company, valued at approximately $58,789,911.20. The trade was a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Todd M. Duchene sold 129,861 shares of the firm’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 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 disclosure for this sale can be found here. Insiders sold 748,282 shares of company stock worth $10,978,104 over the last three months. 32.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Core Scientific

Several large investors have recently bought and sold shares of the company. Wellington Shields & Co. LLC acquired a new position in shares of Core Scientific in the 4th quarter valued at $26,000. First Horizon Advisors Inc. bought a new position in Core Scientific during the fourth quarter worth about $34,000. Newbridge Financial Services Group Inc. acquired a new position in Core Scientific in the fourth quarter valued at about $42,000. Vestcor Inc bought a new stake in shares of Core Scientific in the fourth quarter worth about $66,000. Finally, US Bancorp DE bought a new stake in shares of Core Scientific in the fourth quarter worth about $99,000.

Core Scientific Trading Down 5.1 %

NASDAQ CORZ opened at $7.48 on Friday. Core Scientific has a 12 month low of $2.61 and a 12 month high of $18.63. The stock has a 50-day simple moving average of $10.89 and a 200 day simple moving average of $13.08. The company has a market capitalization of $2.20 billion, a PE ratio of -1.38 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.09. The company had revenue of $94.93 million for the quarter, compared to analyst estimates of $97.07 million. As a group, sell-side analysts predict that Core Scientific will post 0.52 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on CORZ shares. Craig Hallum began coverage on Core Scientific in a report on Tuesday, January 21st. They set a “buy” rating and a $24.00 target price on the stock. Cantor Fitzgerald dropped their target price on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Compass Point decreased their price target on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Needham & Company LLC lowered their price target on shares of Core Scientific from $18.00 to $17.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a report on Wednesday, March 12th. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Core Scientific has a consensus rating of “Buy” and a consensus price target 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.