BIT Capital GmbH Decreases Stake in Cleanspark, Inc. (NASDAQ:CLSK)

Key Points

• BIT Capital GmbH has reduced its stake in Cleanspark, Inc. by 51.8%, owning 585,246 shares after selling 629,931 shares during the first quarter.
• Other institutional investors such as Vanguard Group Inc. and Invesco Ltd. have increased their stakes, with Vanguard owning nearly 20 million shares worth approximately $181 million.
• Cleanspark's stock is currently rated as a "Buy" by multiple analysts, with a consensus target price of $20.69, despite facing a recent 8.2% decline in share price.

BIT Capital GmbH reduced its holdings in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 51.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 585,246 shares of the company's stock after selling 629,931 shares during the period. Cleanspark comprises 0.3% of BIT Capital GmbH's portfolio, making the stock its 26th largest holding. BIT Capital GmbH owned 0.21% of Cleanspark worth $3,933,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CX Institutional bought a new position in shares of Cleanspark during the first quarter worth $26,000. Russell Investments Group Ltd. lifted its holdings in shares of Cleanspark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after acquiring an additional 2,196 shares during the last quarter. Farringdon Capital Ltd. bought a new stake in shares of Cleanspark in the 4th quarter worth about $105,000. GAMMA Investing LLC lifted its holdings in shares of Cleanspark by 207.8% in the 1st quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock worth $82,000 after acquiring an additional 8,212 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Cleanspark in the 4th quarter worth about $115,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Chardan Capital restated a "buy" rating and issued a $20.00 target price on shares of Cleanspark in a report on Tuesday, July 8th. B. Riley assumed coverage on shares of Cleanspark in a report on Tuesday, July 1st. They issued a "buy" rating and a $16.00 target price for the company. Cantor Fitzgerald raised their price target on shares of Cleanspark from $22.00 to $25.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. BTIG Research reaffirmed a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Finally, JPMorgan Chase & Co. raised their target price on shares of Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $20.69.

Cleanspark Trading Down 3.2%

NASDAQ CLSK traded down $0.36 during trading hours on Thursday, reaching $10.65. The company had a trading volume of 10,275,133 shares, compared to its average volume of 25,371,605. The stock has a 50-day moving average of $10.88 and a 200 day moving average of $9.58. The stock has a market capitalization of $2.99 billion, a P/E ratio of -11.13 and a beta of 3.72. Cleanspark, Inc. has a 1-year low of $6.45 and a 1-year high of $17.97.

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 firm had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The firm's revenue was up 62.5% compared to the same quarter last year. During the same period last year, the business earned $0.59 EPS. As a group, sell-side analysts predict that Cleanspark, Inc. will post 0.58 EPS for the current year.

Insider Buying and Selling

In other news, Director Roger Paul Beynon sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the transaction, the director directly 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 legal filing with the SEC, which is accessible through this link. 2.65% of the stock is owned by corporate insiders.

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.