Congress Asset Management Co. Acquires New Position in CleanSpark, Inc. (NASDAQ:CLSK)

Congress Asset Management Co. acquired a new stake in CleanSpark, Inc. (NASDAQ:CLSK - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 349,941 shares of the company's stock, valued at approximately $2,352,000. Congress Asset Management Co. owned about 0.12% of CleanSpark as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Prudential Financial Inc. increased its holdings in CleanSpark by 9.1% in the fourth 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. increased its holdings in CleanSpark by 1.2% in the fourth 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 increased its holdings in CleanSpark by 11.9% in the fourth 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 increased its holdings in CleanSpark by 13.5% in the fourth 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 holdings in shares of CleanSpark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after purchasing an additional 2,196 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

Insider Buying and Selling

In other CleanSpark 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 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 approximately $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 can be accessed through this hyperlink. Also, Director Amanda Cavaleri sold 13,000 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the sale, the director now directly owns 140,289 shares in the company, valued at $1,118,103.33. This represents a 8.48% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.65% of the company's stock.

CleanSpark Price Performance

Shares of CLSK stock opened at $9.79 on Monday. CleanSpark, Inc. has a 12-month low of $6.45 and a 12-month high of $20.64. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of 89.01 and a beta of 4.23. The business has a 50 day simple moving average of $8.56 and a 200 day simple moving average of $9.75.

CleanSpark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. The business had revenue of $181.71 million during the quarter, compared to the consensus estimate of $196.43 million. During the same period last year, the company earned $0.59 earnings per share. The business's quarterly revenue was up 62.5% compared to the same quarter last year. On average, equities analysts anticipate that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CLSK has been the subject of several recent research reports. Chardan Capital initiated coverage on CleanSpark in a report on Wednesday, May 21st. They set a "buy" rating and a $20.00 target price for the company. Needham & Company LLC initiated coverage on CleanSpark in a report on Wednesday, February 12th. They set a "buy" rating and a $20.00 target price for the company. Finally, JPMorgan Chase & Co. lowered their target price on CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CleanSpark presently has an average rating of "Buy" and an average target price of $20.71.

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.

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