CleanSpark, Inc. (NASDAQ:CLSK) Shares Acquired by Algert Global LLC

Algert Global LLC grew its stake in CleanSpark, Inc. (NASDAQ:CLSK - Free Report) by 284.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 198,862 shares of the company's stock after acquiring an additional 147,086 shares during the quarter. Algert Global LLC owned about 0.07% of CleanSpark worth $1,832,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CLSK. Prudential Financial Inc. increased its position in shares of CleanSpark by 9.1% during the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock worth $155,000 after purchasing an additional 1,405 shares during the last quarter. Corebridge Financial Inc. boosted its stake in shares of CleanSpark by 1.2% in the 4th quarter. Corebridge Financial Inc. now owns 123,723 shares of the company's stock valued at $1,139,000 after buying an additional 1,507 shares during the period. Sigma Planning Corp boosted its stake in shares of CleanSpark by 11.9% in the 4th quarter. Sigma Planning Corp now owns 17,518 shares of the company's stock valued at $161,000 after buying an additional 1,865 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of CleanSpark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after buying an additional 2,196 shares during the period. Finally, KBC Group NV lifted its stake in CleanSpark by 36.5% during the fourth quarter. KBC Group NV now owns 10,103 shares of the company's stock worth $93,000 after purchasing an additional 2,700 shares during the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CLSK has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their target price on CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. HC Wainwright reissued a "buy" rating and issued a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Keefe, Bruyette & Woods assumed coverage on CleanSpark in a report on Monday, January 27th. They issued an "outperform" rating and a $19.00 target price on the stock. Chardan Capital raised CleanSpark to a "strong-buy" rating in a report on Tuesday, April 29th. Finally, Needham & Company LLC assumed coverage on CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 target price on the stock. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $21.57.

CleanSpark Stock Up 4.0%

CLSK stock traded up $0.38 on Tuesday, reaching $10.00. 36,015,323 shares of the company's stock were exchanged, compared to its average volume of 28,340,148. The stock has a fifty day moving average of $7.98 and a 200-day moving average of $10.25. CleanSpark, Inc. has a twelve month low of $6.45 and a twelve month high of $20.64. The firm has a market cap of $2.81 billion, a PE ratio of 90.92 and a beta of 4.36.

CleanSpark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. The company had revenue of $181.71 million during the quarter, compared to analysts' expectations of $196.43 million. During the same quarter in the prior year, the company earned $0.59 earnings per share. The firm's revenue was up 62.5% compared to the same quarter last year. On average, equities research analysts predict that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Activity

In related news, Director Amanda Cavaleri sold 13,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction of $103,610.00. Following the transaction, the director now directly owns 140,289 shares in the company, valued at approximately $1,118,103.33. This represents a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman S. Matthew Schultz sold 9,010 shares of the firm's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $95,866.40. Following the completion of the transaction, the chairman now owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. This trade represents a 0.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,836 shares of company stock worth $335,945 over the last three months. 2.65% of the stock is currently owned by corporate insiders.

About CleanSpark

CleanSpark, Inc operates as a bitcoin miner in the Americas. It owns and operates data centers that primarily run on low-carbon power. Its infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. The company was formerly known as Stratean Inc and changed its name to CleanSpark, Inc in November 2016.