Exchange Traded Concepts LLC Acquires 154,308 Shares of 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 raised its holdings in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 17.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,043,848 shares of the company's stock after buying an additional 154,308 shares during the period. Exchange Traded Concepts LLC owned about 0.37% of Cleanspark worth $11,514,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in CLSK. Nuveen LLC acquired a new stake in shares of Cleanspark during the first quarter worth $8,109,000. Public Sector Pension Investment Board acquired a new stake in shares of Cleanspark in the 1st quarter valued at $5,925,000. Rhumbline Advisers boosted its stake in shares of Cleanspark by 115.8% during the 1st quarter. Rhumbline Advisers now owns 720,903 shares of the company's stock worth $4,844,000 after acquiring an additional 386,809 shares in the last quarter. Swiss National Bank boosted its stake in shares of Cleanspark by 13.8% during the 1st quarter. Swiss National Bank now owns 566,800 shares of the company's stock worth $3,809,000 after acquiring an additional 68,900 shares in the last quarter. Finally, Mutual of America Capital Management LLC bought a new stake in Cleanspark during the 1st quarter valued at approximately $272,000. 43.12% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, COO Taylor Monnig sold 63,713 shares of Cleanspark stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the completion of the transaction, the chief operating officer owned 120,337 shares in the company, valued at approximately $1,097,473.44. This trade represents a 34.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.65% of the company's stock.

Cleanspark Stock Performance

Cleanspark stock traded up $0.16 during midday trading on Friday, reaching $13.62. 47,285,066 shares of the company's stock were exchanged, compared to its average volume of 20,754,650. Cleanspark, Inc. has a 52 week low of $6.45 and a 52 week high of $17.97. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 32.43 and a beta of 3.65. The stock's 50-day simple moving average is $10.73 and its 200 day simple moving average is $9.59.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.78 EPS for the quarter, topping 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 business had revenue of $198.64 million during the quarter, compared to analysts' expectations of $191.33 million. During the same quarter last year, the company posted ($1.03) earnings per share. Cleanspark's quarterly revenue was up 90.8% on a year-over-year basis. Research analysts forecast that Cleanspark, Inc. will post 0.58 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Wall Street Zen raised shares of Cleanspark from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. B. Riley increased their price target on shares of Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Macquarie lifted their price objective on Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, LADENBURG THALM/SH SH began coverage on Cleanspark in a research note on Monday, July 28th. They issued a "buy" rating and a $20.25 price target on the stock. Ten analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target 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.