Exchange Traded Concepts LLC Has $11.51 Million Position in Cleanspark, Inc. $CLSK

Key Points

• Exchange Traded Concepts LLC increased its stake in Cleanspark, Inc. by 17.3% during the 2nd quarter, now owning over 1 million shares valued at $11.5 million.
• Analysts have generally upgraded their outlook on Cleanspark, with 10 investment analysts rating it as a Buy and suggesting a consensus target price of $20.47.
• Cleanspark reported a strong quarterly performance, with earnings per share of $0.78 exceeding estimates and a 90.8% year-over-year revenue increase.

Exchange Traded Concepts LLC boosted its holdings in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 17.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,043,848 shares of the company's stock after acquiring an additional 154,308 shares during the quarter. Exchange Traded Concepts LLC owned 0.37% of Cleanspark worth $11,514,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of CLSK. CX Institutional acquired a new stake in Cleanspark during the 1st quarter worth about $26,000. Strs Ohio acquired a new stake in Cleanspark during the 1st quarter worth about $38,000. Quarry LP acquired a new stake in Cleanspark during the 1st quarter worth about $47,000. Russell Investments Group Ltd. boosted its position in Cleanspark by 47.6% during the 1st quarter. Russell Investments Group Ltd. now owns 8,647 shares of the company's stock worth $58,000 after acquiring an additional 2,788 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new stake in Cleanspark during the 1st quarter worth about $68,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Cleanspark Price Performance

Shares of CLSK traded up $0.16 on Friday, reaching $13.62. 47,285,066 shares of the stock traded hands, compared to its average volume of 20,754,650. The stock's 50-day moving average price is $10.73 and its 200-day moving average price is $9.59. Cleanspark, Inc. has a 12 month low of $6.45 and a 12 month high of $17.97. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 16.02 and a beta of 3.65.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results 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 return on equity of 8.89% and a net margin of 47.98%.The firm had revenue of $198.64 million for the quarter, compared to analysts' expectations of $191.33 million. During the same period in the prior year, the business posted ($1.03) earnings per share. The business's revenue was up 90.8% compared to the same quarter last year. As a group, equities research analysts forecast that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CLSK shares. B. Riley lifted 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. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Chardan Capital reiterated a "buy" rating and set a $20.00 price target on shares of Cleanspark in a report on Monday, September 8th. Cantor Fitzgerald boosted their target price on Cleanspark from $25.00 to $26.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Finally, Wall Street Zen upgraded Cleanspark from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Ten investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $20.47.

Insiders Place Their Bets

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the company's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total value 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. This represents a 34.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.65% of the stock is owned by company insiders.

Cleanspark 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.