Caption Management LLC Lowers Position in Cleanspark, Inc. $CLSK

Key Points

• Caption Management LLC significantly decreased its stake in Cleanspark, Inc., selling 110,000 shares and holding only 5,000 shares worth $34,000 at the end of the first quarter.
• Several institutional investors, including Wellington Management Group and Mackenzie Financial Corp, have increased their positions in Cleanspark, contributing to a total of 43.12% of the stock being owned by hedge funds and institutional investors.
• Cleanspark recently reported an earnings per share of $0.78, far surpassing the consensus estimate of $0.07, with a revenue increase of 90.8% compared to the previous year.

Caption Management LLC trimmed its position in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 95.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,000 shares of the company's stock after selling 110,000 shares during the quarter. Caption Management LLC's holdings in Cleanspark were worth $34,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. CX Institutional purchased a new position in Cleanspark in the first quarter valued at $26,000. Quarry LP acquired a new position in shares of Cleanspark during the 1st quarter worth about $47,000. Russell Investments Group Ltd. increased its holdings in shares of Cleanspark by 47.6% in the 1st quarter. Russell Investments Group Ltd. now owns 8,647 shares of the company's stock valued at $58,000 after acquiring an additional 2,788 shares during the last quarter. Neuberger Berman Group LLC purchased a new position in shares of Cleanspark in the 1st quarter valued at about $71,000. Finally, GAMMA Investing LLC raised its position in shares of Cleanspark by 207.8% during the 1st quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock worth $82,000 after acquiring an additional 8,212 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. upped their price target on Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Chardan Capital restated a "buy" rating and set a $20.00 price objective on shares of Cleanspark in a research report on Friday, August 8th. Cantor Fitzgerald upped their target price on shares of Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Wall Street Zen raised shares of Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, LADENBURG THALM/SH SH initiated 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. Ten investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $20.47.

Cleanspark Price Performance

Shares of NASDAQ:CLSK traded up $0.16 on Friday, reaching $9.24. The company's stock had a trading volume of 18,339,273 shares, compared to its average volume of 17,175,668. Cleanspark, Inc. has a 52-week low of $6.45 and a 52-week high of $17.97. The stock has a market capitalization of $2.60 billion, a P/E ratio of 10.87 and a beta of 3.65. The stock's 50-day moving average is $10.94 and its two-hundred day moving average is $9.41.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $198.64 million for the quarter, compared to analysts' expectations of $191.33 million. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The firm's revenue for the quarter was up 90.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.03) EPS. Equities analysts forecast that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

About Cleanspark

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.