Core Scientific Sees Unusually Large Options Volume (NASDAQ:CORZ)

Core Scientific, Inc. (NASDAQ:CORZ - Get Free Report) was the target of unusually large options trading on Thursday. Investors purchased 84,807 call options on the stock. This is an increase of 31% compared to the typical daily volume of 64,783 call options.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Cantor Fitzgerald lowered their price target on shares of Core Scientific from $24.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, February 27th. Needham & Company LLC cut their price target on Core Scientific from $18.00 to $17.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Craig Hallum began coverage on shares of Core Scientific in a report on Tuesday, January 21st. They issued a "buy" rating and a $24.00 target price on the stock. BTIG Research lifted their price objective on shares of Core Scientific from $19.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, December 16th. Finally, HC Wainwright reissued a "buy" rating and set a $17.00 price target on shares of Core Scientific in a research note on Tuesday, March 11th. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $19.07.

Insiders Place Their Bets

In related news, insider Todd M. Duchene sold 129,861 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 transaction of $1,849,220.64. Following the transaction, the insider now directly owns 2,051,649 shares in the company, valued at approximately $29,215,481.76. The trade was a 5.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jordan Levy purchased 62,500 shares of Core Scientific stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $8.01 per share, with a total value of $500,625.00. Following the transaction, the director now owns 306,887 shares of the company's stock, valued at approximately $2,458,164.87. This represents a 25.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 748,282 shares of company stock valued at $10,978,104. Insiders own 32.00% of the company's stock.

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Hedge Funds Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently bought and sold shares of CORZ. Victory Capital Management Inc. raised its holdings in shares of Core Scientific by 41.5% during the third quarter. Victory Capital Management Inc. now owns 26,633 shares of the company's stock worth $316,000 after purchasing an additional 7,814 shares during the last quarter. Natixis Advisors LLC purchased a new position in shares of Core Scientific during the 3rd quarter valued at about $252,000. Intech Investment Management LLC acquired a new position in shares of Core Scientific in the 3rd quarter valued at about $315,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Core Scientific by 44.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,932,462 shares of the company's stock worth $22,919,000 after buying an additional 590,946 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd raised its position in Core Scientific by 48.8% during the third quarter. Dynamic Technology Lab Private Ltd now owns 34,786 shares of the company's stock valued at $413,000 after acquiring an additional 11,412 shares in the last quarter.

Core Scientific Price Performance

Core Scientific stock traded down $0.24 during mid-day trading on Monday, reaching $7.24. 19,353,146 shares of the company traded hands, compared to its average volume of 11,610,433. The firm's fifty day moving average is $10.89 and its two-hundred day moving average is $13.12. The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of -1.34 and a beta of 6.83. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $18.63.

Core Scientific (NASDAQ:CORZ - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.09. The firm had revenue of $94.93 million for the quarter, compared to analysts' expectations of $97.07 million. As a group, equities research analysts predict that Core Scientific will post 0.52 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.