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

Core Scientific, Inc. (NASDAQ:CORZ) was the target of some unusual options trading on Thursday. Stock investors purchased 84,807 call options on the stock. This represents an increase of 31% compared to the typical volume of 64,783 call options.

Insider Activity at Core Scientific

In other Core Scientific news, Director Jordan Levy purchased 62,500 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $8.01 per share, with a total value of $500,625.00. Following the purchase, the director now directly owns 306,887 shares of the company’s stock, valued at $2,458,164.87. The trade was a 25.57 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,258,531.20. Following the completion of the sale, the chief executive officer now directly owns 4,128,505 shares in the company, valued at approximately $58,789,911.20. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 748,282 shares of company stock worth $10,978,104. 32.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Core Scientific

Large investors have recently modified their holdings of the business. Wellington Shields & Co. LLC acquired a new position in shares of Core Scientific in the fourth quarter worth approximately $26,000. First Horizon Advisors Inc. acquired a new position in shares of Core Scientific in the 4th quarter worth approximately $34,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Core Scientific in the 4th quarter valued at $42,000. Vestcor Inc acquired a new stake in shares of Core Scientific during the fourth quarter worth $66,000. Finally, US Bancorp DE bought a new position in Core Scientific during the fourth quarter worth $99,000.

Core Scientific Trading Up 3.3 %

Shares of NASDAQ CORZ opened at $7.88 on Friday. The company has a market cap of $2.32 billion, a price-to-earnings ratio of -1.46 and a beta of 6.83. Core Scientific has a 12 month low of $2.61 and a 12 month high of $18.63. The stock has a 50-day moving average price of $11.04 and a two-hundred day moving average price of $13.10.

Core Scientific (NASDAQ:CORZ) last posted its earnings results on Wednesday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million for the quarter, compared to the consensus estimate of $97.07 million. On average, sell-side analysts predict that Core Scientific will post 0.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. BTIG Research increased their price target on shares of Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Craig Hallum initiated coverage on Core Scientific in a research report on Tuesday, January 21st. They set a “buy” rating and a $24.00 price target on the stock. 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. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a research note on Wednesday, March 12th. Finally, Compass Point cut their price target on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Fifteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $19.07.

About Core Scientific

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.