Charles Schwab Investment Management Inc. Buys 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 position in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 26.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,117,672 shares of the company's stock after acquiring an additional 652,811 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.11% of Cleanspark worth $20,951,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Cleanspark by 22.8% in the 1st quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock valued at $162,259,000 after acquiring an additional 4,489,866 shares in the last quarter. Northern Trust Corp increased its stake in Cleanspark by 7.2% in the 4th quarter. Northern Trust Corp now owns 2,419,057 shares of the company's stock valued at $22,280,000 after buying an additional 163,282 shares during the last quarter. Tidal Investments LLC increased its stake in Cleanspark by 50.8% in the 4th quarter. Tidal Investments LLC now owns 2,394,779 shares of the company's stock valued at $22,056,000 after buying an additional 806,435 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Cleanspark by 1,018.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company's stock valued at $15,538,000 after buying an additional 1,536,145 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Cleanspark by 128.9% in the 1st quarter. Bank of New York Mellon Corp now owns 1,579,277 shares of the company's stock valued at $10,613,000 after buying an additional 889,317 shares during the last quarter. Institutional investors own 43.12% of the company's stock.

Cleanspark Trading Down 1.0%

Shares of CLSK traded down $0.10 during mid-day trading on Wednesday, reaching $9.58. 15,777,005 shares of the stock traded hands, compared to its average volume of 19,204,746. The firm has a fifty day moving average price of $11.01 and a 200 day moving average price of $9.47. The company has a market cap of $2.69 billion, a price-to-earnings ratio of 11.27 and a beta of 3.72. Cleanspark, Inc. has a 1 year low of $6.45 and a 1 year high of $17.97.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.78 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.71. The firm had revenue of $198.64 million during the quarter, compared to analyst estimates of $191.33 million. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The business's revenue for the quarter was up 90.8% on a year-over-year basis. During the same period in the previous year, the business earned ($1.03) EPS. On average, sell-side analysts anticipate that Cleanspark, Inc. will post 0.58 EPS for the current year.

Analyst Ratings Changes

Several research firms have commented on CLSK. Cantor Fitzgerald increased their price objective on shares of Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. B. Riley raised their price target on shares of Cleanspark from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Wall Street Zen upgraded shares of Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. BTIG Research restated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Finally, Chardan Capital restated a "buy" rating and set a $20.00 price target on shares of Cleanspark in a research note on Friday, August 8th. Ten equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price 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.