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

Core Scientific, Inc. (NASDAQ:CORZ) was the recipient of some unusual options trading activity on Thursday. Stock investors acquired 68,655 call options on the stock. This is an increase of approximately 50% compared to the typical daily volume of 45,810 call options.

Insider Activity at Core Scientific

In related news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.41, for a total transaction of $82,356.32. Following the transaction, the chief financial officer now owns 122,217 shares of the company’s stock, valued at approximately $1,150,061.97. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Core Scientific news, CFO Denise Marie Brucia Sterling sold 8,752 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.41, for a total transaction of $82,356.32. Following the transaction, the chief financial officer now owns 122,217 shares in the company, valued at $1,150,061.97. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jarrod M. Patten purchased 4,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were bought at an average price of $9.70 per share, for a total transaction of $38,800.00. Following the acquisition, the director now owns 279,239 shares of the company’s stock, valued at approximately $2,708,618.30. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 12,761 shares of company stock valued at $127,080. 32.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Barings LLC bought a new position in shares of Core Scientific during the first quarter valued at $36,515,000. ORG Wealth Partners LLC bought a new position in shares of Core Scientific during the third quarter valued at $106,266,000. Vanguard Group Inc. bought a new position in shares of Core Scientific during the first quarter valued at $21,973,000. Kensico Capital Management Corp bought a new position in shares of Core Scientific during the first quarter valued at $18,513,000. Finally, Van ECK Associates Corp lifted its holdings in shares of Core Scientific by 22.9% during the third quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock valued at $19,177,000 after acquiring an additional 300,942 shares during the period.

Wall Street Analysts Forecast Growth

CORZ has been the topic of several analyst reports. Macquarie initiated coverage on Core Scientific in a report on Wednesday, September 25th. They set an “outperform” rating and a $16.00 price target on the stock. HC Wainwright increased their price target on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday. Canaccord Genuity Group started coverage on shares of Core Scientific in a research note on Monday, September 23rd. They issued a “buy” rating and a $16.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $20.00 price objective on shares of Core Scientific in a research note on Thursday, October 3rd. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $17.00 price objective on shares of Core Scientific in a research note on Tuesday, September 10th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $16.96.

Core Scientific Stock Up 9.6 %

CORZ traded up $1.37 during trading on Thursday, reaching $15.70. 11,195,531 shares of the company’s stock were exchanged, compared to its average volume of 8,751,083. Core Scientific has a fifty-two week low of $2.61 and a fifty-two week high of $15.81. The business has a 50 day moving average price of $12.08 and a 200 day moving average price of $9.25.

Core Scientific (NASDAQ:CORZ) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($4.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($4.47). The business had revenue of $141.10 million for the quarter, compared to analysts’ expectations of $128.58 million. The business’s quarterly revenue was up 11.2% on a year-over-year basis. On average, analysts anticipate that Core Scientific will post 0.81 EPS 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.