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

Core Scientific, Inc. (NASDAQ:CORZ) saw some unusual options trading activity on Thursday. Traders acquired 137,173 call options on the stock. This represents an increase of approximately 118% compared to the typical volume of 62,803 call options.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CORZ. Rothschild & Co Redburn assumed coverage on Core Scientific in a report on Monday, September 21st. They issued a “neutral” rating and a $16.00 target price on the stock. Wells Fargo & Company assumed coverage on Core Scientific in a report on Thursday, September 17th. They set an “overweight” rating and a $28.00 price objective on the stock. Lucid Cap Mkts raised shares of Core Scientific to a “strong-buy” rating in a research note on Friday, June 12th. Keefe, Bruyette & Woods upgraded shares of Core Scientific from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $25.00 to $28.00 in a report on Thursday, July 30th. Finally, B. Riley Financial boosted their price target on shares of Core Scientific from $33.00 to $42.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.86.

Core Scientific Stock Performance

Shares of NASDAQ CORZ traded down $0.63 during trading hours on Thursday, hitting $15.31. The stock had a trading volume of 10,666,736 shares, compared to its average volume of 12,521,393. The firm’s 50-day moving average price is $18.29 and its two-hundred day moving average price is $21.10. Core Scientific has a 52 week low of $13.35 and a 52 week high of $30.46. The company has a market capitalization of $4.92 billion, a P/E ratio of -3.45 and a beta of 5.49.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26). The business had revenue of $164.20 million for the quarter, compared to analysts’ expectations of $144.83 million. As a group, analysts expect that Core Scientific will post -1.36 EPS for the current fiscal year.

Insider Activity

In other news, insider Todd DuChene sold 10,000 shares of Core Scientific stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $19.97, for a total value of $199,700.00. Following the transaction, the insider owned 1,969,101 shares of the company’s stock, valued at $39,322,946.97. The trade was a 0.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Eric Weiss bought 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was acquired at an average price of $19.19 per share, for a total transaction of $134,330.00. Following the completion of the acquisition, the director directly owned 259,262 shares in the company, valued at approximately $4,975,237.78. This represents a 2.77% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have bought 19,000 shares of company stock valued at $342,290 and have sold 90,000 shares valued at $1,730,100. Company insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Core Scientific

Several institutional investors and hedge funds have recently modified their holdings of the business. Parkside Financial Bank & Trust boosted its holdings in Core Scientific by 1,371.3% in the second quarter. Parkside Financial Bank & Trust now owns 1,177 shares of the company’s stock worth $30,000 after purchasing an additional 1,097 shares in the last quarter. CoreCap Advisors LLC acquired a new stake in shares of Core Scientific in the second quarter worth about $36,000. Rakuten Securities Inc. acquired a new stake in shares of Core Scientific in the second quarter worth about $47,000. PNC Financial Services Group Inc. boosted its stake in shares of Core Scientific by 41.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,396 shares of the company’s stock worth $66,000 after acquiring an additional 1,285 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Core Scientific by 34.5% during the 2nd quarter. GAMMA Investing LLC now owns 3,049 shares of the company’s stock worth $78,000 after acquiring an additional 782 shares in the last quarter.

About Core Scientific

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers in the United States. Its business has historically centered on cryptocurrency mining, particularly the processing of transactions on the Bitcoin network, while also providing hosting and infrastructure services to other mining and technology customers.

The company is expanding its data center capabilities to support high-performance computing and artificial intelligence workloads. Its services include data center operations, power and equipment management, hosting, and related infrastructure support for customers that require substantial computing capacity.

Core Scientific was founded in 2017 and became a publicly traded company through a business combination in 2022.