Cornerstone Investment Partners LLC Invests $138,000 in Cleanspark, Inc. (NASDAQ:CLSK)

Cornerstone Investment Partners LLC purchased a new stake in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 20,485 shares of the company's stock, valued at approximately $138,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its stake in Cleanspark by 1,018.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company's stock valued at $15,538,000 after purchasing an additional 1,536,145 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Cleanspark during the fourth quarter valued at $13,443,000. Principal Financial Group Inc. grew its holdings in shares of Cleanspark by 6,449.7% during the first quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company's stock valued at $9,327,000 after buying an additional 1,366,752 shares in the last quarter. Shaolin Capital Management LLC purchased a new position in shares of Cleanspark during the fourth quarter valued at $8,559,000. Finally, Invesco Ltd. increased its position in Cleanspark by 44.2% in the 4th quarter. Invesco Ltd. now owns 2,984,362 shares of the company's stock worth $27,486,000 after purchasing an additional 914,279 shares during the last quarter. Institutional investors own 43.12% of the company's stock.

Insider Buying and Selling

In other news, Director Roger Paul Beynon sold 50,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the transaction, the director directly owned 125,511 shares in the company, valued at $1,319,120.61. This trade represents a 28.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.65% of the company's stock.

Cleanspark Stock Performance

CLSK traded down $0.25 during mid-day trading on Friday, reaching $12.65. The stock had a trading volume of 33,689,208 shares, compared to its average volume of 27,991,296. The stock has a market capitalization of $3.55 billion, a P/E ratio of -13.18 and a beta of 4.23. The firm's fifty day simple moving average is $9.95 and its two-hundred day simple moving average is $9.38. Cleanspark, Inc. has a 52 week low of $6.45 and a 52 week high of $20.49.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced 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). The firm had revenue of $181.71 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 62.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.59 earnings per share. As a group, analysts expect that Cleanspark, Inc. will post 0.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CLSK. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 target price on shares of Cleanspark in a research report on Tuesday, July 8th. BTIG Research reaffirmed a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. B. Riley began coverage on Cleanspark in a report on Tuesday, July 1st. They issued a "buy" rating and a $16.00 price target for the company. Finally, JPMorgan Chase & Co. increased their target price on Cleanspark from $12.00 to $14.00 and gave the stock an "overweight" rating in a report on Friday, June 13th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cleanspark presently has an average rating of "Buy" and an average price target of $20.38.

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.