Options activity in Core Scientific Inc. surged on August 28, with 207,606 contracts traded, reflecting aggressive positioning ahead of a potential stock move. Call options dominated, accounting for 166,077 contracts—more than four times the 41,529 put options—indicating bullish sentiment despite the stock's recent decline.
Core Scientific’s shares fell 7.46% to $16.31 on the day, extending a broader pullback from its 52-week range of $13.13 to $30.46. The most active call strikes included November $30 calls with 30,000 contracts traded and 31,110 in open interest, alongside December $27 calls at 30,000 contracts traded but only 143 in open interest. Additional notable positions included a large condor spread in January 2027 calls at multiple strikes totaling 40,000 contracts, and a put diagonal spread in October and August puts at $15 and $17, with 29,166 contracts.
Volatility metrics showed a slight decline in implied volatility to 73.47%, down 1.75 points, while the 90/110 skew increased to 0.77 percentage points. Realized 90-day volatility stood at 84.9%, underscoring the stock’s historically high price swings. Analysts project a median price target of $37.12, implying a 128% upside from current levels, though the fair value estimate is lower at $14.73.
The company’s financial position remains under pressure, with negative earnings per share and ongoing cash burn. Recent corporate actions include a $600 million credit facility to bolster liquidity and a $444 million acquisition to expand power capacity, moves aimed at stabilizing operations amid volatility.
