Amalgamated Bank Acquires 71,631 Shares of Cleanspark, Inc. (NASDAQ:CLSK)

Amalgamated Bank raised its position in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 934.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,298 shares of the company's stock after acquiring an additional 71,631 shares during the period. Amalgamated Bank's holdings in Cleanspark were worth $533,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CLSK. CX Institutional bought a new stake in Cleanspark during the first quarter worth $26,000. Russell Investments Group Ltd. lifted its stake in Cleanspark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after purchasing an additional 2,196 shares during the last quarter. Farringdon Capital Ltd. bought a new stake in Cleanspark during the fourth quarter worth $105,000. GAMMA Investing LLC lifted its stake in Cleanspark by 207.8% during the first quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock worth $82,000 after purchasing an additional 8,212 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Cleanspark during the fourth quarter worth $115,000. Institutional investors own 43.12% of the company's stock.

Insider Activity

In related news, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the sale, the director owned 125,511 shares in the company, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.65% of the company's stock.

Cleanspark Trading Down 1.9%

Shares of CLSK stock traded down $0.25 during trading hours on Friday, hitting $12.65. 33,689,208 shares of the company were exchanged, compared to its average volume of 27,996,323. The firm has a fifty day simple moving average of $9.95 and a 200 day simple moving average of $9.39. Cleanspark, Inc. has a 52-week low of $6.45 and a 52-week high of $20.49. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of -13.18 and a beta of 4.23.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The firm had revenue of $181.71 million during the quarter, compared to the consensus estimate of $196.43 million. During the same quarter last year, the business posted $0.59 earnings per share. Cleanspark's revenue was up 62.5% compared to the same quarter last year. Sell-side analysts anticipate that Cleanspark, Inc. will post 0.58 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CLSK shares. Chardan Capital reiterated a "buy" rating and set a $20.00 price target on shares of Cleanspark in a report on Tuesday. JPMorgan Chase & Co. upped their price target on shares of Cleanspark from $12.00 to $14.00 and gave the company an "overweight" rating in a research report on Friday, June 13th. B. Riley began coverage on shares of Cleanspark in a research report on Tuesday, July 1st. They set a "buy" rating and a $16.00 price objective on the stock. Finally, BTIG Research reaffirmed a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Cleanspark presently has an average rating of "Buy" and a consensus target price of $20.38.

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.