Bank of America Corp DE Acquires 849,865 Shares of Cleanspark, Inc. $CLSK

Key Points

• Bank of America increased its CleanSpark stake by 49.2% in the first quarter, purchasing 849,865 additional shares to own 2.58 million shares valued at approximately $21.9 million.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $23.88; institutional investors collectively own 43.12% of the stock.
• CleanSpark reported weaker-than-expected quarterly results, including an adjusted loss of $0.89 per share and revenue of $138.0 million, down 30.5% year over year and below analyst estimates.

Bank of America Corp DE raised its holdings in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 49.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,576,687 shares of the company's stock after buying an additional 849,865 shares during the period. Bank of America Corp DE owned about 1.00% of Cleanspark worth $21,928,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CLSK. KBC Group NV raised its stake in Cleanspark by 10.7% during the 1st quarter. KBC Group NV now owns 8,574 shares of the company's stock worth $73,000 after acquiring an additional 828 shares during the period. Cresset Asset Management LLC boosted its stake in shares of Cleanspark by 4.9% in the second quarter. Cresset Asset Management LLC now owns 26,924 shares of the company's stock worth $297,000 after acquiring an additional 1,248 shares during the period. CreativeOne Wealth LLC boosted its stake in shares of Cleanspark by 11.0% in the third quarter. CreativeOne Wealth LLC now owns 16,893 shares of the company's stock worth $245,000 after acquiring an additional 1,680 shares during the period. Franklin Resources Inc. boosted its stake in shares of Cleanspark by 1.5% in the third quarter. Franklin Resources Inc. now owns 117,823 shares of the company's stock worth $1,708,000 after acquiring an additional 1,727 shares during the period. Finally, Quarry LP purchased a new stake in shares of Cleanspark during the third quarter worth about $26,000. 43.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CLSK. B. Riley Financial lifted their target price on Cleanspark from $19.00 to $26.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Chardan Capital restated a "buy" rating and set a $21.00 target price on shares of Cleanspark in a research report on Monday, August 10th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $26.00 target price on shares of Cleanspark in a research note on Friday, August 7th. Citizens Jmp initiated coverage on shares of Cleanspark in a report on Wednesday, June 24th. They issued a "market outperform" rating and a $27.00 price target on the stock. Finally, BTIG Research restated a "buy" rating and set a $26.00 price objective on shares of Cleanspark in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $23.88.

Cleanspark Price Performance

CLSK stock opened at $11.73 on Wednesday. The stock has a market cap of $3.01 billion, a PE ratio of -3.11 and a beta of 3.86. The company has a 50-day moving average price of $14.17 and a 200 day moving average price of $12.60. Cleanspark, Inc. has a 12 month low of $8.00 and a 12 month high of $23.61. The company has a current ratio of 5.91, a quick ratio of 2.11 and a debt-to-equity ratio of 2.34.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.42). Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.The business had revenue of $138.01 million during the quarter, compared to analysts' expectations of $142.37 million. During the same quarter in the previous year, the company posted $0.90 earnings per share. The company's quarterly revenue was down 30.5% compared to the same quarter last year. Equities research analysts anticipate that Cleanspark, Inc. will post -1.4 earnings per share for the current year.

Cleanspark Profile

CleanSpark, Inc NASDAQ: CLSK is a leading energy software and services company specializing in advanced microgrid controls and distributed energy resource (DER) management. The firm develops proprietary software platforms designed to optimize power flows across on-grid and off-grid installations, integrating renewable generation, battery storage, and traditional generation assets. CleanSpark's technology is used by utilities, commercial and industrial enterprises, and remote facilities seeking to enhance energy resilience, reduce operating costs, and achieve sustainability goals.

In addition to its core software offerings, CleanSpark provides end-to-end engineering, procurement and construction (EPC) services.

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