Congress Asset Management Co. Purchases 89,240 Shares of Cleanspark, Inc. $CLSK

Key Points

• Congress Asset Management increased its CleanSpark stake by 21.3%, purchasing 89,240 shares to hold 508,982 shares valued at approximately $6.6 million. Institutional investors and hedge funds collectively own 43.12% of the company.
• CleanSpark shares opened at $11.52, down 6.3%, and remain well below their 52-week high of $23.61. The company recently reported a larger-than-expected quarterly loss, declining revenue, and negative profitability metrics.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $23.88, while insiders sold 33,151 shares worth about $435,000 during the last quarter.

Congress Asset Management Co. raised its position in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 21.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 508,982 shares of the company's stock after buying an additional 89,240 shares during the quarter. Congress Asset Management Co. owned about 0.20% of Cleanspark worth $6,556,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CLSK. Assenagon Asset Management S.A. bought a new position in Cleanspark in the second quarter valued at approximately $5,521,000. Compass Financial Management LLC bought a new stake in Cleanspark during the second quarter worth $1,830,000. Situational Awareness LP lifted its stake in Cleanspark by 648.4% during the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company's stock worth $104,470,000 after purchasing an additional 10,635,739 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Cleanspark by 49.2% in the 1st quarter. Bank of America Corp DE now owns 2,576,687 shares of the company's stock valued at $21,928,000 after purchasing an additional 849,865 shares in the last quarter. Finally, Intrinsic Edge Capital Management LLC boosted its holdings in shares of Cleanspark by 617.3% in the 1st quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company's stock valued at $7,614,000 after purchasing an additional 770,000 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Cleanspark Stock Down 6.3%

Shares of CLSK opened at $11.52 on Thursday. Cleanspark, Inc. has a 52 week low of $8.00 and a 52 week high of $23.61. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of -3.06 and a beta of 3.84. The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91. The stock has a fifty day moving average of $12.84 and a 200-day moving average of $13.32.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) earnings per share for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.42). The firm had revenue of $138.01 million for the quarter, compared to the consensus estimate of $142.37 million. Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.The company's revenue was down 30.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.90 EPS. As a group, sell-side analysts anticipate that Cleanspark, Inc. will post -1.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Cleanspark

In other news, COO Taylor Monnig sold 3,335 shares of the company's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $12.33, for a total value of $41,120.55. Following the completion of the transaction, the chief operating officer owned 336,810 shares of the company's stock, valued at $4,152,867.30. This represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold 33,151 shares of company stock worth $435,473 in the last quarter. Insiders own 2.08% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. BTIG Research reiterated a "buy" rating and issued a $26.00 price target on shares of Cleanspark in a research note on Tuesday, July 14th. HC Wainwright reaffirmed a "buy" rating on shares of Cleanspark in a research note on Friday, August 7th. Zacks Research raised Cleanspark from a "strong sell" rating to a "hold" rating in a research note on Friday, July 10th. Weiss Ratings upgraded Cleanspark from a "sell (d-)" rating to a "sell (d)" rating in a research report on Tuesday, August 11th. Finally, Needham & Company LLC boosted their target price on Cleanspark from $18.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $23.88.

About Cleanspark

CleanSpark, Inc is a U.S.-based bitcoin mining and energy technology company traded on the Nasdaq under the symbol CLSK. Its primary business is operating data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin as a reward.

The company develops and operates its mining infrastructure in the United States, with facilities and operations located across several states. CleanSpark focuses on expanding and optimizing its data-center capacity, managing energy usage, and securing power resources to support its mining activities.

Before emphasizing bitcoin mining, CleanSpark was associated with energy-management and distributed-energy technologies designed to help businesses and communities improve energy efficiency and resilience.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.