Cleanspark, Inc. $CLSK Shares Newly Bought by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP acquired 109,007 CleanSpark shares during the second quarter, worth approximately $1.586 million. Institutional investors and hedge funds collectively own 43.12% of the company.
• Wall Street maintains a generally bullish outlook, with an average “Moderate Buy” rating and a consensus price target of $23.88; individual targets range from $21 to $27.
• CleanSpark reported a quarterly loss of $0.89 per share, missing estimates by $0.42, while revenue fell 30.5% year over year to $138.01 million. The stock opened at $14.26 and has traded between $8.00 and $23.61 over the past year.

Corient Private Wealth LP bought a new position in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 109,007 shares of the company's stock, valued at approximately $1,586,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Situational Awareness LP increased its holdings in shares of Cleanspark by 648.4% during the 1st quarter. Situational Awareness LP now owns 12,276,139 shares of the company's stock valued at $104,470,000 after purchasing an additional 10,635,739 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Cleanspark by 81.3% in the first quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company's stock valued at $120,007,000 after buying an additional 6,323,715 shares in the last quarter. Bank of America Corp DE raised its position in shares of Cleanspark by 49.2% in the first quarter. Bank of America Corp DE now owns 2,576,687 shares of the company's stock worth $21,928,000 after acquiring an additional 849,865 shares during the period. Intrinsic Edge Capital Management LLC boosted its stake in shares of Cleanspark by 617.3% during the 1st quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company's stock worth $7,614,000 after acquiring an additional 770,000 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Cleanspark during the 2nd quarter valued at about $5,521,000. 43.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Chardan Capital restated a "buy" rating and issued a $21.00 price target on shares of Cleanspark in a research note on Monday, August 10th. Citizens Jmp began coverage on Cleanspark in a report on Wednesday, June 24th. They issued a "market outperform" rating and a $27.00 price objective on the stock. Citigroup started coverage on Cleanspark in a research report on Wednesday, June 24th. They issued an "outperform" rating for the company. B. Riley Financial upped their target price on Cleanspark from $19.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Finally, Weiss Ratings upgraded Cleanspark from a "sell (d-)" rating to a "sell (d)" rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $23.88.

Cleanspark Price Performance

NASDAQ:CLSK opened at $14.26 on Friday. Cleanspark, Inc. has a 12 month low of $8.00 and a 12 month high of $23.61. The stock has a 50 day moving average of $13.09 and a two-hundred day moving average of $13.13. The company has a current ratio of 5.91, a quick ratio of 2.11 and a debt-to-equity ratio of 2.34. The firm has a market cap of $3.66 billion, a P/E ratio of -3.78 and a beta of 3.84.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its 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 net margin of 146.90% and a negative return on equity of 18.63%. The firm had revenue of $138.01 million during the quarter, compared to analysts' expectations of $142.37 million. During the same quarter last year, the business earned $0.90 EPS. The business's revenue was down 30.5% compared to the same quarter last year. On average, analysts expect that Cleanspark, Inc. will post -1.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Cleanspark

In other news, COO Taylor Monnig sold 25,249 shares of the firm's stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $13.34, for a total value of $336,821.66. Following the transaction, the chief operating officer directly owned 236,114 shares of the company's stock, valued at approximately $3,149,760.76. This trade represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 29,816 shares of company stock valued at $394,352 over the last quarter. Company insiders own 2.08% of the company's stock.

Cleanspark Company Profile

CleanSpark, Inc NASDAQ: CLSK is a bitcoin mining and energy technology company headquartered in Henderson, Nevada. The company owns and operates data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin rewards.

CleanSpark focuses on developing and expanding mining infrastructure, with operations in the United States, including facilities in Georgia, Mississippi, Tennessee and Wyoming. Its activities include acquiring and deploying mining equipment, managing data-center operations and securing reliable, cost-effective power for its facilities.

The company historically developed software and energy-management solutions before shifting its primary focus toward bitcoin mining.

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