40,481 Shares in Cleanspark, Inc. (NASDAQ:CLSK) Acquired by Mutual of America Capital Management LLC

Key Points

• Mutual of America Capital Management LLC acquired 40,481 shares of Cleanspark, Inc. for approximately $272,000 in the first quarter, indicating growing institutional interest in the company.
• Cleanspark reported a significant 90.8% increase in revenue year-over-year for the latest quarter, with an EPS of $0.78, exceeding expectations of $0.07.
• Several analysts have raised their price targets for Cleanspark, with a consensus target of $20.47, reflecting a Moderate Buy rating from ten analysts.

Mutual of America Capital Management LLC purchased a new position in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 40,481 shares of the company's stock, valued at approximately $272,000.

Other institutional investors also recently added to or reduced their stakes in the company. CX Institutional purchased a new position in Cleanspark in the first quarter worth approximately $26,000. Russell Investments Group Ltd. boosted its holdings 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 in the last quarter. Farringdon Capital Ltd. acquired a new position in shares of Cleanspark in the 4th quarter valued at $105,000. GAMMA Investing LLC boosted its holdings in shares of Cleanspark by 207.8% in the 1st quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock valued at $82,000 after buying an additional 8,212 shares in the last quarter. Finally, Atria Wealth Solutions Inc. acquired a new position in shares of Cleanspark in the 1st quarter valued at $82,000. Hedge funds and other institutional investors own 43.12% of the company's stock.

Cleanspark Stock Performance

Shares of CLSK opened at $9.97 on Thursday. The stock has a market capitalization of $2.80 billion, a P/E ratio of 11.73 and a beta of 3.72. The company's fifty day moving average is $11.00 and its two-hundred day moving average is $9.54. Cleanspark, Inc. has a 1 year low of $6.45 and a 1 year high of $17.97.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.71. The company had revenue of $198.64 million for the quarter, compared to analysts' expectations of $191.33 million. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. Cleanspark's revenue was up 90.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.03) EPS. Sell-side analysts predict that Cleanspark, Inc. will post 0.58 EPS for the current year.

Insider Transactions at Cleanspark

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the transaction, the director directly owned 125,511 shares of the company's stock, valued at approximately $1,319,120.61. The trade was a 28.49% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.65% of the company's stock.

Wall Street Analyst Weigh In

CLSK has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their target price on shares of Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Monday, July 28th. BTIG Research restated a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. B. Riley upped their price target on shares of Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, August 8th. LADENBURG THALM/SH SH assumed coverage on shares of Cleanspark in a research report on Monday, July 28th. They issued a "buy" rating and a $20.25 price target for the company. Finally, Cantor Fitzgerald upped their price target on shares of Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Cleanspark currently has an average rating of "Moderate Buy" and a consensus price target of $20.47.

Cleanspark Company Profile

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.

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