Ameriprise Financial Inc. Acquires 63,123 Shares of CleanSpark, Inc. (NASDAQ:CLSK)

Ameriprise Financial Inc. boosted its stake in CleanSpark, Inc. (NASDAQ:CLSK - Free Report) by 27.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 291,391 shares of the company's stock after purchasing an additional 63,123 shares during the quarter. Ameriprise Financial Inc. owned about 0.10% of CleanSpark worth $2,684,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CLSK. Compagnie Lombard Odier SCmA bought a new stake in shares of CleanSpark in the 4th quarter worth about $31,000. Russell Investments Group Ltd. increased 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 worth $54,000 after buying an additional 2,196 shares during the last quarter. KBC Group NV increased its holdings in shares of CleanSpark by 36.5% in the 4th quarter. KBC Group NV now owns 10,103 shares of the company's stock worth $93,000 after buying an additional 2,700 shares during the last quarter. R Squared Ltd bought a new stake in shares of CleanSpark in the 4th quarter worth about $101,000. Finally, Farringdon Capital Ltd. bought a new stake in shares of CleanSpark in the 4th quarter worth about $105,000. Hedge funds and other institutional investors own 43.12% of the company's stock.

CleanSpark Stock Down 0.2%

NASDAQ:CLSK traded down $0.02 during mid-day trading on Monday, hitting $8.61. 17,016,162 shares of the stock traded hands, compared to its average volume of 28,194,647. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 78.28 and a beta of 4.36. CleanSpark, Inc. has a 52 week low of $6.45 and a 52 week high of $20.64. The firm's 50 day moving average is $8.39 and its two-hundred day moving average is $9.87.

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

Insiders Place Their Bets

In other news, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the transaction, the director now directly owns 125,511 shares in the company, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amanda Cavaleri sold 13,000 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the transaction, the director now 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 disclosure for this sale can be found here. Insiders own 2.65% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CLSK shares. Chardan Capital started coverage on shares of CleanSpark in a report on Wednesday, May 21st. They issued a "buy" rating and a $20.00 target price on the stock. JPMorgan Chase & Co. reduced their target price on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Needham & Company LLC started coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 target price on the stock. Finally, HC Wainwright restated a "buy" rating and issued a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $20.71.

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.