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

Core Scientific, Inc. (NASDAQ:CORZ) was the recipient of some unusual options trading on Friday. Stock investors bought 182,991 call options on the company. This represents an increase of approximately 117% compared to the average volume of 84,411 call options.

Insider Buying and Selling

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $19.97, for a total value of $199,700.00. Following the transaction, the insider directly owned 1,969,101 shares of the company’s stock, valued at $39,322,946.97. This represents a 0.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 100,000 shares of company stock valued at $2,360,300 in the last quarter. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

A number of institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its stake in Core Scientific by 106.1% during the 1st quarter. AQR Capital Management LLC now owns 283,432 shares of the company’s stock valued at $2,052,000 after purchasing an additional 145,905 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Core Scientific by 180.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company’s stock valued at $8,032,000 after acquiring an additional 714,388 shares during the period. Cetera Investment Advisers grew its stake in shares of Core Scientific by 200.0% in the second quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock worth $663,000 after acquiring an additional 25,878 shares during the last quarter. Franklin Resources Inc. bought a new position in Core Scientific during the second quarter worth $181,000. Finally, Russell Investments Group Ltd. increased its position in Core Scientific by 61.9% during the second quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock worth $67,000 after acquiring an additional 1,507 shares during the period.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Core Scientific in a research note on Friday, July 17th. B. Riley Financial lifted their target price on shares of Core Scientific from $33.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Loop Capital set a $40.00 price target on shares of Core Scientific in a research note on Friday, June 12th. BTIG Research reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Core Scientific in a research note on Tuesday, July 28th. Finally, Canaccord Genuity Group upped their price objective on shares of Core Scientific from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $32.18.

Core Scientific Stock Down 6.3%

CORZ stock traded down $1.11 during midday trading on Friday, hitting $16.51. 11,997,325 shares of the company traded hands, compared to its average volume of 12,713,044. Core Scientific has a twelve month low of $13.14 and a twelve month high of $30.46. The stock has a market capitalization of $5.31 billion, a price-to-earnings ratio of -3.74 and a beta of 5.59. The business has a 50 day simple moving average of $22.10 and a 200-day simple moving average of $21.05.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings data on Tuesday, July 28th. The company reported ($3.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($3.26). The company had revenue of $164.20 million for the quarter, compared to analyst estimates of $144.83 million. Equities research analysts forecast that Core Scientific will post -1.36 EPS for the current year.

Core Scientific Company Profile

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.