Baird Financial Group Inc. Buys 35,818 Shares of Cleanspark, Inc. $CLSK

Key Points

• Baird Financial Group Inc. has increased its holdings in Cleanspark, Inc. by 48.5% during the first quarter, bringing its total shares to 109,736 with a value of approximately $737,000.
• Cleanspark reported earnings of $0.78 EPS for the latest quarter, significantly surpassing analysts' expectations of $0.07 EPS, and its revenue increased by 90.8% year-over-year.
• Multiple analysts have upgraded their ratings for Cleanspark, with target prices now set between $17.00 and $26.00, indicating a strong bullish sentiment for the stock.

Baird Financial Group Inc. increased its position in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 48.5% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 109,736 shares of the company's stock after purchasing an additional 35,818 shares during the period. Baird Financial Group Inc.'s holdings in Cleanspark were worth $737,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in Cleanspark by 22.8% during the first quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock valued at $162,259,000 after purchasing an additional 4,489,866 shares during the last quarter. Invesco Ltd. increased its stake in Cleanspark by 20.5% during the first quarter. Invesco Ltd. now owns 3,597,402 shares of the company's stock valued at $24,175,000 after purchasing an additional 613,040 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Cleanspark by 26.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,117,672 shares of the company's stock valued at $20,951,000 after purchasing an additional 652,811 shares during the last quarter. Northern Trust Corp increased its stake in Cleanspark by 16.0% during the first quarter. Northern Trust Corp now owns 2,807,078 shares of the company's stock valued at $18,864,000 after purchasing an additional 388,021 shares during the last quarter. Finally, Tidal Investments LLC increased its stake in Cleanspark by 50.8% during the fourth quarter. Tidal Investments LLC now owns 2,394,779 shares of the company's stock valued at $22,056,000 after purchasing an additional 806,435 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cleanspark

In related news, COO Taylor Monnig sold 63,713 shares of the company's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the transaction, the chief operating officer directly owned 120,337 shares of the company's stock, valued at approximately $1,097,473.44. The trade was a 34.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.65% of the company's stock.

Wall Street Analysts Forecast Growth

CLSK has been the topic of a number of recent research reports. Macquarie raised their target price on Cleanspark from $18.00 to $20.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Wall Street Zen raised shares of Cleanspark from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Chardan Capital reiterated a "buy" rating and set a $20.00 price objective on shares of Cleanspark in a research report on Monday. JPMorgan Chase & Co. lifted their target price on Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Finally, Cantor Fitzgerald increased their price target on Cleanspark from $25.00 to $26.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Ten analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Cleanspark presently has an average rating of "Buy" and a consensus price target of $20.47.

Cleanspark Stock Performance

Shares of NASDAQ CLSK traded up $0.15 during trading on Friday, hitting $10.35. The company had a trading volume of 17,475,980 shares, compared to its average volume of 16,552,274. The business's 50-day moving average is $10.75 and its 200 day moving average is $9.44. The company has a market cap of $2.91 billion, a P/E ratio of 24.29 and a beta of 3.65. Cleanspark, Inc. has a 52 week low of $6.45 and a 52 week high of $17.97.

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

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.