AQR Arbitrage LLC Lowers Stake in Cleanspark, Inc. $CLSK

Key Points

• AQR Arbitrage LLC reduced its stake in Cleanspark, Inc. by 10.7%, selling 26,988 shares, and now owns approximately 0.08% of the company valued at $1.52 million.
• During the first quarter, several institutional investors increased their holdings, including GAMMA Investing LLC, which raised its position by 207.8% to own 12,163 shares, worth $82,000.
• Cleanspark reported strong quarterly earnings with an EPS of $0.78, significantly beating analyst estimates and showing a 90.8% year-over-year revenue increase to $198.64 million.

AQR Arbitrage LLC reduced its stake in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 10.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 226,412 shares of the company's stock after selling 26,988 shares during the quarter. AQR Arbitrage LLC owned about 0.08% of Cleanspark worth $1,521,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. CX Institutional bought a new position in shares of Cleanspark during the first quarter valued at approximately $26,000. Quarry LP bought a new position in shares of Cleanspark during the first quarter valued at approximately $47,000. Russell Investments Group Ltd. grew its stake in shares of Cleanspark by 47.6% during the first quarter. Russell Investments Group Ltd. now owns 8,647 shares of the company's stock valued at $58,000 after buying an additional 2,788 shares during the last quarter. Neuberger Berman Group LLC bought a new position in shares of Cleanspark during the first quarter valued at approximately $71,000. Finally, GAMMA Investing LLC grew its stake in shares of Cleanspark by 207.8% during the first quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock valued at $82,000 after buying an additional 8,212 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

Cleanspark Stock Performance

Cleanspark stock traded up $0.16 during mid-day trading on Friday, reaching $9.24. 18,339,273 shares of the company were exchanged, compared to its average volume of 17,955,926. The business has a fifty day moving average of $10.94 and a 200 day moving average of $9.42. The firm has a market cap of $2.60 billion, a P/E ratio of 10.87 and a beta of 3.65. Cleanspark, Inc. has a 12-month low of $6.45 and a 12-month high of $17.97.

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

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wall Street Zen raised Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. B. Riley boosted their price target on Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a report 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. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Finally, Macquarie boosted their price target on Cleanspark from $18.00 to $20.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Ten investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Cleanspark has an average rating of "Buy" and a consensus target price of $20.47.

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.