Core Scientific Target of Unusually Large Options Trading (NASDAQ:CORZ)

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) was the recipient of some unusual options trading on Tuesday. Investors purchased 145,508 call options on the company. This is an increase of 132% compared to the average daily volume of 62,779 call options.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CORZ. Keefe, Bruyette & Woods began coverage on shares of Core Scientific in a report on Monday, January 27th. They set an "outperform" rating and a $22.00 price target for the company. Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 price target on shares of Core Scientific in a report on Thursday, February 27th. Macquarie lifted their price objective on Core Scientific from $16.00 to $19.00 and gave the stock an "outperform" rating in a report on Thursday, November 14th. Cantor Fitzgerald reduced their target price on Core Scientific from $24.00 to $21.00 and set an "overweight" rating for the company in a research note on Thursday, February 27th. Finally, Needham & Company LLC decreased their price target on shares of Core Scientific from $18.00 to $17.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Fifteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $19.07.

Core Scientific Stock Up 7.7 %

Core Scientific stock traded up $0.62 on Tuesday, hitting $8.63. The company's stock had a trading volume of 22,910,599 shares, compared to its average volume of 10,727,982. The firm has a market cap of $2.54 billion, a P/E ratio of -1.60 and a beta of 6.83. The company has a fifty day moving average price of $12.53 and a 200-day moving average price of $13.29. Core Scientific has a one year low of $2.61 and a one year high of $18.63.

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Core Scientific (NASDAQ:CORZ - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million for the quarter, compared to analyst estimates of $97.07 million. Analysts anticipate that Core Scientific will post 0.52 EPS for the current year.

Insider Activity at Core Scientific

In other Core Scientific news, insider Todd M. Duchene sold 25,277 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $16.24, for a total value of $410,498.48. Following the completion of the transaction, the insider now directly owns 2,023,423 shares of the company's stock, valued at approximately $32,860,389.52. This trade represents a 1.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Adam Taylor Sullivan sold 88,380 shares of Core Scientific stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20. Following the transaction, the chief executive officer now directly owns 4,128,505 shares of the company's stock, valued at approximately $58,789,911.20. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 748,282 shares of company stock valued at $10,978,104 in the last three months. 32.00% of the stock is currently owned by company insiders.

Institutional Trading of Core Scientific

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC grew its stake in Core Scientific by 25.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 98,077 shares of the company's stock worth $1,378,000 after buying an additional 20,000 shares in the last quarter. Highland Peak Capital LLC increased its position in shares of Core Scientific by 37.9% during the third quarter. Highland Peak Capital LLC now owns 413,584 shares of the company's stock worth $4,905,000 after buying an additional 113,584 shares during the period. Mirabella Financial Services LLP acquired a new stake in Core Scientific during the third quarter worth approximately $18,383,000. Capstone Investment Advisors LLC increased its position in Core Scientific by 113.4% in the 3rd quarter. Capstone Investment Advisors LLC now owns 55,000 shares of the company's stock valued at $652,000 after buying an additional 29,230 shares in the last quarter. Finally, Seldon Capital LP bought a new position in Core Scientific in the 3rd quarter valued at about $3,530,000.

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.