Charles Schwab Investment Management Inc. Purchases 652,811 Shares of Cleanspark, Inc. $CLSK

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Cleanspark, Inc. by 26.5%, acquiring an additional 652,811 shares, bringing their total to over 3.1 million shares worth approximately $20.95 million.
• Cleanspark reported $0.78 earnings per share (EPS) in its latest quarterly earnings, significantly surpassing analysts' expectations of $0.07, alongside a revenue growth of 90.8% year-over-year.
• Institutional investors collectively own 43.12% of Cleanspark's shares, reflecting a strong interest from large financial entities in the company's growth prospects.

Charles Schwab Investment Management Inc. raised its holdings in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 26.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,117,672 shares of the company's stock after buying an additional 652,811 shares during the period. Charles Schwab Investment Management Inc. owned about 1.11% of Cleanspark worth $20,951,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of Cleanspark by 68.6% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 281,783 shares of the company's stock worth $2,595,000 after acquiring an additional 114,674 shares during the last quarter. Algert Global LLC lifted its position in shares of Cleanspark by 284.1% during the fourth quarter. Algert Global LLC now owns 198,862 shares of the company's stock worth $1,832,000 after purchasing an additional 147,086 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Cleanspark by 27.7% during the fourth quarter. Ameriprise Financial Inc. now owns 291,391 shares of the company's stock worth $2,684,000 after purchasing an additional 63,123 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Cleanspark by 128.9% during the first quarter. Bank of New York Mellon Corp now owns 1,579,277 shares of the company's stock valued at $10,613,000 after purchasing an additional 889,317 shares during the period. Finally, Exchange Traded Concepts LLC boosted its stake in shares of Cleanspark by 24.5% during the first quarter. Exchange Traded Concepts LLC now owns 889,540 shares of the company's stock valued at $5,978,000 after purchasing an additional 175,291 shares during the period. Institutional investors own 43.12% of the company's stock.

Cleanspark Stock Down 1.7%

Shares of NASDAQ:CLSK opened at $9.33 on Friday. The firm has a 50 day moving average of $10.98 and a 200 day moving average of $9.50. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 10.98 and a beta of 3.72. 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 announced its quarterly earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.71. The business had revenue of $198.64 million for the quarter, compared to the consensus estimate of $191.33 million. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The business's revenue was up 90.8% compared to the same quarter last year. During the same period last year, the business posted ($1.03) EPS. On average, sell-side analysts expect that Cleanspark, Inc. will post 0.58 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Wall Street Zen upgraded shares of Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. B. Riley lifted their price target on shares of Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Chardan Capital reiterated a "buy" rating and issued a $20.00 price target on shares of Cleanspark in a report on Friday, August 8th. Finally, Macquarie increased their price objective on Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Ten analysts have rated the stock with a Buy rating, According to MarketBeat, Cleanspark has a consensus rating of "Buy" and a consensus price target of $20.47.

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.

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