Comerica Bank Invests $627,000 in Cleanspark, Inc. $CLSK

Key Points

• Comerica Bank has invested $627,000 in Cleanspark, Inc. by acquiring 93,357 shares, indicating strong institutional interest in the company.
• Cleanspark reported $0.78 EPS for the last quarter, significantly surpassing analysts' expectations of $0.07, with revenues increasing by 90.8% year-over-year.
• Research analysts show positive sentiment towards Cleanspark, with several upgrades in price targets, leading to a consensus rating of "Buy" with an average target price of $20.47.

Comerica Bank purchased a new position in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 93,357 shares of the company's stock, valued at approximately $627,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP lifted its position in shares of Cleanspark by 15.1% in the 1st quarter. Wellington Management Group LLP now owns 13,990 shares of the company's stock worth $94,000 after purchasing an additional 1,834 shares during the period. Mackenzie Financial Corp increased its stake in Cleanspark by 13.5% during the 4th quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock valued at $147,000 after purchasing an additional 1,898 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Cleanspark by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,500 shares of the company's stock worth $144,000 after buying an additional 2,158 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Cleanspark by 47.6% in the 1st quarter. Russell Investments Group Ltd. now owns 8,647 shares of the company's stock worth $58,000 after buying an additional 2,788 shares during the last quarter. Finally, Xponance Inc. lifted its holdings in shares of Cleanspark by 18.1% in the first quarter. Xponance Inc. now owns 21,137 shares of the company's stock worth $142,000 after buying an additional 3,236 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CLSK. Cantor Fitzgerald raised their target price on shares of Cleanspark from $25.00 to $26.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Wall Street Zen raised Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 price target on shares of Cleanspark in a research note on Monday. Macquarie raised their price objective on Cleanspark from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. lifted their price objective on Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Ten investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Cleanspark presently has a consensus rating of "Buy" and an average price target of $20.47.

Cleanspark Stock Up 2.2%

NASDAQ CLSK traded up $0.22 during trading hours on Thursday, reaching $10.25. The company's stock had a trading volume of 13,455,754 shares, compared to its average volume of 24,595,561. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 12.06 and a beta of 3.65. Cleanspark, Inc. has a 1 year low of $6.45 and a 1 year high of $17.97. The firm's 50-day moving average price is $10.83 and its 200-day moving average price is $9.42.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.71. The business had revenue of $198.64 million for the quarter, compared to analysts' expectations of $191.33 million. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The company's revenue for the quarter was up 90.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.03) EPS. Equities research analysts anticipate that Cleanspark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the company's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total value of $581,062.56. Following the transaction, the chief operating officer owned 120,337 shares of the company's stock, valued at $1,097,473.44. This represents a 34.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.65% of the stock is owned by company 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.