Cleanspark, Inc. $CLSK Shares Sold by Maridea Wealth Management LLC

Key Points

• Maridea Wealth Management LLC reduced its stake in Cleanspark, Inc. by 11.3%, owning approximately 0.09% of the company after selling 33,682 shares during the second quarter.
• Cleanspark reported earnings of $0.78 per share for the quarter, significantly surpassing analysts' expectations of $0.07, with revenue up 90.8% year-over-year.
• The stock price of Cleanspark rose 3.9% to $14.45, and it has a market cap of $4.06 billion with a consensus rating of "Buy" from analysts.

Maridea Wealth Management LLC lowered its stake in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 11.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 264,911 shares of the company's stock after selling 33,682 shares during the quarter. Maridea Wealth Management LLC owned approximately 0.09% of Cleanspark worth $2,922,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in CLSK. CX Institutional acquired a new position in Cleanspark in the first quarter worth $26,000. Fifth Third Bancorp boosted its holdings in Cleanspark by 145.3% in the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock worth $32,000 after purchasing an additional 1,694 shares during the period. Strs Ohio acquired a new position in Cleanspark in the first quarter worth $38,000. Quarry LP acquired a new position in Cleanspark in the first quarter worth $47,000. Finally, Russell Investments Group Ltd. boosted its holdings in Cleanspark by 47.6% in the first quarter. Russell Investments Group Ltd. now owns 8,647 shares of the company's stock worth $58,000 after purchasing an additional 2,788 shares during the period. Institutional investors and hedge funds own 43.12% of the company's stock.

Cleanspark Stock Up 3.9%

Shares of NASDAQ CLSK opened at $14.45 on Thursday. Cleanspark, Inc. has a fifty-two week low of $6.45 and a fifty-two week high of $17.97. The firm's 50-day simple moving average is $10.83 and its 200 day simple moving average is $9.70. The stock has a market cap of $4.06 billion, a P/E ratio of 17.00 and a beta of 3.65.

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

Insider Buying and Selling at Cleanspark

In related news, COO Taylor Monnig sold 63,713 shares of Cleanspark stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total transaction of $581,062.56. Following the sale, the chief operating officer directly owned 120,337 shares in the company, valued at $1,097,473.44. The trade was a 34.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.65% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CLSK has been the subject of a number of research reports. Cantor Fitzgerald lifted their price objective on shares of Cleanspark from $25.00 to $26.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Wall Street Zen upgraded Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. LADENBURG THALM/SH SH started coverage on Cleanspark in a research note on Monday, July 28th. They issued a "buy" rating and a $20.25 target price on the stock. Finally, B. Riley raised their target price on Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Ten analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average 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.

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