Principal Financial Group Inc. Has $198,000 Stock Position in Core Scientific, Inc. (NASDAQ:CORZ)

Principal Financial Group Inc. cut its stake in Core Scientific, Inc. (NASDAQ:CORZ) by 10.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,115 shares of the company’s stock after selling 1,662 shares during the quarter. Principal Financial Group Inc.’s holdings in Core Scientific were worth $198,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Newbridge Financial Services Group Inc. purchased a new stake in shares of Core Scientific in the fourth quarter worth approximately $42,000. KBC Group NV purchased a new stake in shares of Core Scientific in the fourth quarter worth approximately $114,000. Villere ST Denis J & Co. LLC purchased a new stake in shares of Core Scientific in the fourth quarter worth approximately $140,000. Duncan Williams Asset Management LLC purchased a new stake in shares of Core Scientific in the fourth quarter worth approximately $141,000. Finally, Neo Ivy Capital Management purchased a new stake in shares of Core Scientific in the third quarter worth approximately $194,000.

Core Scientific Price Performance

Core Scientific stock opened at $7.78 on Friday. Core Scientific, Inc. has a one year low of $2.61 and a one year high of $18.63. The business has a fifty day moving average price of $12.65 and a 200-day moving average price of $13.28. The firm has a market capitalization of $2.29 billion, a P/E ratio of -1.44 and a beta of 6.83.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $94.93 million during the quarter, compared to analysts’ expectations of $97.07 million. Sell-side analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Todd M. Duchene sold 25,277 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $16.24, for a total value of $410,498.48. Following the sale, the insider now owns 2,023,423 shares in the company, valued at approximately $32,860,389.52. This trade represents a 1.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Todd A. Becker sold 134,250 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $10.75, for a total value of $1,443,187.50. Following the completion of the sale, the director now owns 195,687 shares in the company, valued at $2,103,635.25. This trade represents a 40.69 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 748,282 shares of company stock worth $10,978,104. Corporate insiders own 32.00% of the company’s stock.

Analysts Set New Price Targets

CORZ has been the subject of several analyst reports. Macquarie increased their price objective on Core Scientific from $16.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 target price on shares of Core Scientific in a report on Thursday, February 27th. Compass Point reduced their target price on Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. 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 report on Thursday, February 27th. Finally, Keefe, Bruyette & Woods began coverage on Core Scientific in a report on Monday, January 27th. They issued an “outperform” rating and a $22.00 target price for the company. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Core Scientific currently has a consensus rating of “Buy” and an average target price of $19.07.

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.