Principal Financial Group Inc. Lowers Stock Holdings in Core Scientific, Inc. (NASDAQ:CORZ)

Principal Financial Group Inc. cut its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 30.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,777 shares of the company’s stock after selling 6,896 shares during the quarter. Principal Financial Group Inc.’s holdings in Core Scientific were worth $187,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Rise Advisors LLC grew its holdings in Core Scientific by 14.3% during the 3rd quarter. Rise Advisors LLC now owns 8,000 shares of the company’s stock worth $95,000 after acquiring an additional 1,000 shares in the last quarter. Sunbelt Securities Inc. bought a new position in shares of Core Scientific during the second quarter valued at approximately $33,000. Vontobel Holding Ltd. boosted its stake in shares of Core Scientific by 10.4% during the third quarter. Vontobel Holding Ltd. now owns 38,089 shares of the company’s stock valued at $452,000 after purchasing an additional 3,591 shares in the last quarter. Harvest Portfolios Group Inc. increased its holdings in Core Scientific by 10.1% during the third quarter. Harvest Portfolios Group Inc. now owns 55,881 shares of the company’s stock valued at $663,000 after buying an additional 5,109 shares during the period. Finally, Pekin Hardy Strauss Inc. raised its stake in Core Scientific by 25.4% in the third quarter. Pekin Hardy Strauss Inc. now owns 30,725 shares of the company’s stock worth $364,000 after buying an additional 6,225 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CORZ shares. Roth Mkm began coverage on Core Scientific in a research report on Friday, November 15th. They set a “buy” rating and a $25.50 target price on the stock. HC Wainwright raised their price objective on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. B. Riley boosted their target price on shares of Core Scientific from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a report on Thursday, November 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 price objective on shares of Core Scientific in a research note on Thursday, October 3rd. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $18.46.

Core Scientific Price Performance

NASDAQ CORZ opened at $14.12 on Wednesday. The company has a market cap of $3.94 billion and a price-to-earnings ratio of -2.61. The stock’s fifty day moving average price is $15.62 and its 200 day moving average price is $12.51. Core Scientific, Inc. has a 1 year low of $2.61 and a 1 year high of $18.63.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, Director Yadin Rozov sold 105,000 shares of Core Scientific stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the completion of the sale, the director now directly owns 345,239 shares in the company, valued at approximately $6,252,278.29. The trade was a 23.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Adam Taylor Sullivan sold 88,380 shares of the 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 owns 4,128,505 shares in the company, valued at $58,789,911.20. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 348,241 shares of company stock worth $5,436,802. 32.00% of the stock is currently owned by insiders.

Core Scientific 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.