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

Core Scientific, Inc. (NASDAQ:CORZ) was the recipient of some unusual options trading on Wednesday. Investors bought 196,273 call options on the company. This represents an increase of approximately 80% compared to the typical daily volume of 109,235 call options.

Core Scientific Trading Up 11.2%

Shares of Core Scientific stock traded up $2.49 during trading hours on Wednesday, reaching $24.68. 22,495,201 shares of the company’s stock were exchanged, compared to its average volume of 12,277,824. Core Scientific has a 52-week low of $8.74 and a 52-week high of $25.01. The firm has a market capitalization of $7.79 billion, a price-to-earnings ratio of 21.10 and a beta of 5.45. The company has a fifty day moving average of $17.51 and a 200-day moving average of $17.43.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings results on Monday, March 2nd. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. The business had revenue of $79.76 million for the quarter, compared to analysts’ expectations of $118.45 million. During the same period in the prior year, the company earned ($0.69) EPS. The company’s revenue for the quarter was down 16.0% compared to the same quarter last year. On average, equities research analysts anticipate that Core Scientific will post 0.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Core Scientific news, insider Todd M. Duchene sold 10,000 shares of the firm’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $20.94, for a total transaction of $209,400.00. Following the completion of the transaction, the insider owned 1,990,348 shares of the company’s stock, valued at approximately $41,677,887.12. This trade represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold a total of 40,000 shares of company stock worth $724,800 over the last ninety days. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Core Scientific by 18.7% in the 4th quarter. Vanguard Group Inc. now owns 33,960,320 shares of the company’s stock worth $494,462,000 after buying an additional 5,359,710 shares during the period. Situational Awareness LP raised its position in shares of Core Scientific by 42.5% in the 4th quarter. Situational Awareness LP now owns 28,756,478 shares of the company’s stock worth $418,694,000 after buying an additional 8,575,944 shares during the period. Jericho Capital Asset Management L.P. raised its position in shares of Core Scientific by 11.4% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 13,038,619 shares of the company’s stock worth $189,842,000 after buying an additional 1,338,796 shares during the period. Value Aligned Research Advisors LLC purchased a new position in shares of Core Scientific in the 4th quarter worth $117,786,000. Finally, Geode Capital Management LLC raised its position in shares of Core Scientific by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 7,651,002 shares of the company’s stock worth $111,417,000 after buying an additional 109,145 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods raised their price target on Core Scientific from $19.00 to $25.00 and gave the stock a “moderate buy” rating in a research report on Tuesday, January 27th. BTIG Research raised Core Scientific from a “neutral” rating to a “buy” rating and set a $23.00 price target for the company in a research report on Tuesday, January 6th. Canaccord Genuity Group raised their price target on Core Scientific from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, March 4th. HC Wainwright reissued a “buy” rating and set a $25.00 price target on shares of Core Scientific in a research note on Tuesday, March 3rd. Finally, Cantor Fitzgerald increased their price target on Core Scientific from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Core Scientific presently has an average rating of “Moderate Buy” and a consensus target price of $25.07.

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.