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

Principal Financial Group Inc. decreased its position in shares of Core Scientific, Inc. (NASDAQ:CORZ) by 30.4% during the third quarter, Holdings Channel.com reports. The firm owned 15,777 shares of the company’s stock after selling 6,896 shares during the period. 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 have also recently made changes to their positions in the company. Sanctuary Advisors LLC grew its position in Core Scientific by 130.1% during the third quarter. Sanctuary Advisors LLC now owns 34,527 shares of the company’s stock valued at $409,000 after buying an additional 19,522 shares during the period. Neo Ivy Capital Management purchased a new stake in shares of Core Scientific during the 3rd quarter worth about $194,000. Geode Capital Management LLC grew its position in shares of Core Scientific by 26.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock valued at $62,594,000 after acquiring an additional 1,113,285 shares during the period. Sender Co & Partners Inc. purchased a new position in Core Scientific during the third quarter worth approximately $2,426,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Core Scientific during the third quarter worth approximately $1,459,000.

Analyst Ratings Changes

CORZ has been the subject of several recent analyst reports. Canaccord Genuity Group started coverage on shares of Core Scientific in a report on Monday, September 23rd. They issued a “buy” rating and a $16.00 price target for the company. Compass Point lifted their target price on shares of Core Scientific from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Jefferies Financial Group initiated coverage on shares of Core Scientific in a research report on Monday, October 28th. They set a “buy” rating and a $19.00 price target for the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price objective on shares of Core Scientific in a report on Thursday, November 7th. Finally, BTIG Research raised their target price on Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, December 16th. 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 stock currently has an average rating of “Buy” and a consensus price target of $18.46.

Insiders Place Their Bets

In related news, Director Yadin Rozov sold 105,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $18.11, for a total transaction of $1,901,550.00. Following the transaction, the director now owns 345,239 shares in the company, valued at $6,252,278.29. This trade represents a 23.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Todd M. Duchene sold 129,861 shares of Core Scientific stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,849,220.64. Following the transaction, the insider now directly owns 2,051,649 shares in the company, valued at approximately $29,215,481.76. This trade represents a 5.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 348,241 shares of company stock valued at $5,436,802. 32.00% of the stock is owned by corporate insiders.

Core Scientific Stock Performance

NASDAQ:CORZ opened at $14.12 on Wednesday. Core Scientific, Inc. has a 1 year low of $2.61 and a 1 year high of $18.63. The stock has a market cap of $3.94 billion and a P/E ratio of -2.61. The stock has a 50-day simple moving average of $15.62 and a 200-day simple moving average of $12.51.

About Core Scientific

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.