Mutual of America Capital Management LLC Takes Position in Cleanspark, Inc. $CLSK

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 stake in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 40,481 shares of the company's stock, valued at approximately $272,000.

Other hedge funds also recently modified their holdings of the company. Mackenzie Financial Corp boosted its stake in shares of Cleanspark by 13.5% during the 4th quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock worth $147,000 after acquiring an additional 1,898 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Cleanspark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after acquiring an additional 2,196 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in shares of Cleanspark by 12.4% during the 4th quarter. Summit Investment Advisors Inc. now owns 26,034 shares of the company's stock worth $240,000 after acquiring an additional 2,879 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Cleanspark by 1.0% during the fourth quarter. Alliancebernstein L.P. now owns 285,305 shares of the company's stock valued at $2,628,000 after buying an additional 2,955 shares in the last quarter. Finally, Freedom Investment Management Inc. lifted its stake in Cleanspark by 21.9% during the fourth quarter. Freedom Investment Management Inc. now owns 16,938 shares of the company's stock valued at $156,000 after buying an additional 3,043 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cleanspark

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the sale, the director owned 125,511 shares of the company's stock, valued at $1,319,120.61. The trade was a 28.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.65% of the stock is owned by corporate insiders.

Cleanspark Price Performance

NASDAQ:CLSK traded up $0.15 during mid-day trading on Monday, reaching $9.90. The stock had a trading volume of 8,459,235 shares, compared to its average volume of 25,345,395. The business's 50 day moving average is $11.02 and its 200 day moving average is $9.52. Cleanspark, Inc. has a fifty-two week low of $6.45 and a fifty-two week high of $17.97. The stock has a market cap of $2.78 billion, a P/E ratio of 11.67 and a beta of 3.72.

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on CLSK. JPMorgan Chase & Co. upped their price objective on shares of Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. BTIG Research reaffirmed a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 target price on shares of Cleanspark in a research report on Friday, August 8th. Cantor Fitzgerald raised their target price on Cleanspark from $25.00 to $26.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Finally, B. Riley raised their target price on Cleanspark from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $20.47.

Cleanspark 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.