Amalgamated Bank Grows Stake in Cleanspark, Inc. (NASDAQ:CLSK)

Amalgamated Bank increased its holdings in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 934.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 79,298 shares of the company's stock after acquiring an additional 71,631 shares during the quarter. Amalgamated Bank's holdings in Cleanspark were worth $533,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. CX Institutional bought a new stake in shares of Cleanspark in the first quarter valued at $26,000. Russell Investments Group Ltd. raised its stake in shares of Cleanspark by 60.0% in the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after buying an additional 2,196 shares during the period. Farringdon Capital Ltd. bought a new stake in shares of Cleanspark in the fourth quarter valued at $105,000. GAMMA Investing LLC raised its stake in shares of Cleanspark by 207.8% in 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 period. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Cleanspark in the fourth quarter valued at $115,000. 43.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CLSK. Chardan Capital reiterated a "buy" rating and set a $20.00 price objective on shares of Cleanspark in a research note on Tuesday, July 8th. JPMorgan Chase & Co. boosted their price objective on Cleanspark from $12.00 to $14.00 and gave the company an "overweight" rating in a research note on Friday, June 13th. B. Riley began coverage on Cleanspark in a research note on Tuesday, July 1st. They set a "buy" rating and a $16.00 price objective on the stock. Finally, BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $20.38.

Insiders Place Their Bets

In related news, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the completion of the sale, the director directly owned 125,511 shares in the company, valued at $1,319,120.61. This represents a 28.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.65% of the stock is owned by corporate insiders.

Cleanspark Trading Down 0.4%

Shares of CLSK traded down $0.05 during midday trading on Monday, reaching $12.60. The stock had a trading volume of 43,978,778 shares, compared to its average volume of 28,055,846. The company's 50-day moving average is $9.95 and its 200 day moving average is $9.37. Cleanspark, Inc. has a 12-month low of $6.45 and a 12-month high of $20.49. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of -13.12 and a beta of 4.23.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). The company had revenue of $181.71 million for the quarter, compared to analysts' expectations of $196.43 million. Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The company's revenue was up 62.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.59 earnings per share. Research analysts forecast that Cleanspark, Inc. will post 0.58 EPS for the current fiscal year.

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.