Cleanspark, Inc. $CLSK Shares Bought by Situational Awareness LP

Key Points

• Situational Awareness LP increased its CleanSpark stake by 648.4% in the first quarter, acquiring 10.6 million additional shares to own 12.3 million shares worth approximately $104.5 million, or 4.78% of the company.
• CleanSpark reported a weaker-than-expected quarter, with a loss of $1.52 per share and revenue of $136.4 million, down 24.9% year over year. The stock opened at $13.48, down 3.9%, and has a 12-month range of $8.00 to $23.61.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $23.35 price target; several firms recently raised their targets to between $21 and $26.

Situational Awareness LP lifted its position in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 648.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,276,139 shares of the company's stock after acquiring an additional 10,635,739 shares during the period. Cleanspark comprises approximately 0.8% of Situational Awareness LP's holdings, making the stock its 8th largest position. Situational Awareness LP owned approximately 4.78% of Cleanspark worth $104,470,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CLSK. New York State Teachers Retirement System lifted its holdings in shares of Cleanspark by 37.7% in the fourth quarter. New York State Teachers Retirement System now owns 341,749 shares of the company's stock valued at $3,458,000 after purchasing an additional 93,649 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new position in shares of Cleanspark during the fourth quarter valued at $2,019,000. Benchmark Financial LLC acquired a new position in Cleanspark during the fourth quarter valued at $1,255,000. Fiduciary Alliance LLC purchased a new stake in Cleanspark in the 4th quarter worth about $2,203,000. Finally, Shariaportfolio Inc. boosted its position in Cleanspark by 41.2% during the 4th quarter. Shariaportfolio Inc. now owns 784,787 shares of the company's stock worth $7,942,000 after acquiring an additional 229,010 shares during the period. Hedge funds and other institutional investors own 43.12% of the company's stock.

Cleanspark Stock Down 3.9%

Shares of Cleanspark stock opened at $13.48 on Wednesday. The stock has a market capitalization of $3.46 billion, a P/E ratio of -6.42 and a beta of 3.83. The company has a quick ratio of 8.26, a current ratio of 8.26 and a debt-to-equity ratio of 1.81. The stock has a 50 day moving average price of $15.43 and a two-hundred day moving average price of $12.62. Cleanspark, Inc. has a 12-month low of $8.00 and a 12-month high of $23.61.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($1.52) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($1.27). Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. The firm had revenue of $136.41 million during the quarter, compared to the consensus estimate of $145.35 million. During the same period in the prior year, the business earned ($0.49) EPS. The company's revenue for the quarter was down 24.9% compared to the same quarter last year. Equities analysts expect that Cleanspark, Inc. will post -1.19 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Chardan Capital lifted their target price on Cleanspark from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Tuesday. Keefe, Bruyette & Woods boosted their price objective on shares of Cleanspark from $16.00 to $25.00 and gave the company an "outperform" rating in a research report on Tuesday. Needham & Company LLC upped their price objective on shares of Cleanspark from $18.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Zacks Research upgraded shares of Cleanspark from a "strong sell" rating to a "hold" rating in a research report on Friday, July 10th. Finally, Cantor Fitzgerald lifted their target price on shares of Cleanspark from $17.00 to $26.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.35.

About Cleanspark

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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