Principal Financial Group Inc. Decreases Stock Position in Core Scientific, Inc. (NASDAQ:CORZ)

Principal Financial Group Inc. cut its stake in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 30.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. ORG Wealth Partners LLC purchased a new position in Core Scientific during the 3rd quarter valued at about $106,266,000. Vanguard Group Inc. bought a new stake in Core Scientific in the first quarter valued at $21,973,000. Van ECK Associates Corp increased its position in Core Scientific by 22.9% during the 3rd quarter. Van ECK Associates Corp now owns 1,616,944 shares of the company’s stock valued at $19,177,000 after purchasing an additional 300,942 shares during the period. Summit Trail Advisors LLC bought a new position in Core Scientific in the 2nd quarter worth $6,455,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Core Scientific by 3,236.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 674,043 shares of the company’s stock worth $6,269,000 after purchasing an additional 653,838 shares during the period.

Core Scientific Trading Down 0.7 %

Core Scientific stock opened at $18.11 on Tuesday. The firm has a market cap of $5.06 billion and a price-to-earnings ratio of -3.37. Core Scientific, Inc. has a 12 month low of $2.61 and a 12 month high of $18.51. The stock has a fifty day simple moving average of $13.67 and a two-hundred day simple moving average of $10.42.

Insider Buying and Selling

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 value of $1,901,550.00. Following the completion of the sale, the director now owns 345,239 shares of the company’s stock, valued at approximately $6,252,278.29. The trade was a 23.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jarrod M. Patten purchased 5,021 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $9.68 per share, for a total transaction of $48,603.28. Following the completion of the purchase, the director now owns 285,760 shares in the company, valued at approximately $2,766,156.80. The trade was a 1.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 12,761 shares of company stock worth $127,080.

Analyst Ratings Changes

CORZ has been the subject of several research analyst reports. Sanford C. Bernstein restated an “outperform” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Tuesday, September 10th. Roth Mkm assumed coverage on Core Scientific in a research report on Friday, November 15th. They issued a “buy” rating and a $25.50 target price for the company. HC Wainwright lifted their price target on Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. BTIG Research upped their price target on Core Scientific from $15.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research report on Thursday, November 7th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $18.38.

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.