CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $3.36 Million Position in Cleanspark, Inc. (NASDAQ:CLSK)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 66.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 500,500 shares of the company's stock after purchasing an additional 200,500 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.18% of Cleanspark worth $3,363,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Prudential Financial Inc. grew its stake in Cleanspark by 9.1% in the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock valued at $155,000 after buying an additional 1,405 shares during the last quarter. Corebridge Financial Inc. grew its stake in Cleanspark by 1.2% in the 4th quarter. Corebridge Financial Inc. now owns 123,723 shares of the company's stock valued at $1,139,000 after buying an additional 1,507 shares during the last quarter. Sigma Planning Corp grew its stake in Cleanspark by 11.9% in the 4th quarter. Sigma Planning Corp now owns 17,518 shares of the company's stock valued at $161,000 after buying an additional 1,865 shares during the last quarter. Mackenzie Financial Corp grew its stake in Cleanspark by 13.5% in the 4th quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock valued at $147,000 after buying an additional 1,898 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Cleanspark by 60.0% in the 4th 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 last quarter. Institutional investors and hedge funds own 43.12% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CLSK shares. Chardan Capital reiterated a "buy" rating and issued a $20.00 target price on shares of Cleanspark in a research note on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Cleanspark from $12.00 to $14.00 and gave the stock an "overweight" rating in a research report on Friday, June 13th. Finally, BTIG Research restated a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $21.00.

Insider Activity at Cleanspark

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

Cleanspark Stock Performance

Shares of NASDAQ:CLSK traded down $0.14 during midday trading on Friday, reaching $10.67. 28,481,902 shares of the company's stock were exchanged, compared to its average volume of 27,946,165. The company's 50 day simple moving average is $9.26 and its two-hundred day simple moving average is $9.31. The firm has a market capitalization of $3.00 billion, a PE ratio of -11.11 and a beta of 4.23. Cleanspark, Inc. has a 12 month low of $6.45 and a 12 month high of $20.49.

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 return on equity of 4.65% and a negative net margin of 35.43%. The business had revenue of $181.71 million for the quarter, compared to the consensus estimate of $196.43 million. During the same period in the previous year, the business posted $0.59 earnings per share. Cleanspark's revenue was up 62.5% on a year-over-year basis. On average, research analysts anticipate that Cleanspark, Inc. will post 0.58 earnings per share for the current year.

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.