Deutsche Bank AG Cuts Stock Holdings in CleanSpark, Inc. (NASDAQ:CLSK)

Deutsche Bank AG lowered its position in shares of CleanSpark, Inc. (NASDAQ:CLSK - Free Report) by 46.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 347,481 shares of the company's stock after selling 301,374 shares during the period. Deutsche Bank AG owned approximately 0.12% of CleanSpark worth $3,200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of CleanSpark by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company's stock worth $181,029,000 after buying an additional 495,367 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of CleanSpark by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company's stock worth $60,037,000 after buying an additional 353,807 shares during the last quarter. Invesco Ltd. increased its holdings in CleanSpark by 44.2% in the 4th quarter. Invesco Ltd. now owns 2,984,362 shares of the company's stock valued at $27,486,000 after purchasing an additional 914,279 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in CleanSpark by 12.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,464,861 shares of the company's stock valued at $22,701,000 after purchasing an additional 270,026 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in CleanSpark by 7.2% in the 4th quarter. Northern Trust Corp now owns 2,419,057 shares of the company's stock valued at $22,280,000 after purchasing an additional 163,282 shares during the last quarter. Institutional investors and hedge funds own 43.12% of the company's stock.

Insider Buying and Selling

In related news, Director Roger Paul Beynon sold 50,000 shares of the business's stock in a transaction 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 completion of the transaction, the director now owns 125,511 shares in the company, valued at approximately $1,319,120.61. The trade was a 28.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 transaction of $103,610.00. Following the transaction, the director now owns 140,289 shares of the company's stock, valued at approximately $1,118,103.33. The trade was a 8.48% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.65% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Keefe, Bruyette & Woods assumed coverage on shares of CleanSpark in a report on Monday, January 27th. They issued an "outperform" rating and a $19.00 target price for the company. Needham & Company LLC assumed coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 target price for the company. Chardan Capital assumed coverage on shares of CleanSpark in a report on Wednesday. They issued a "buy" rating and a $20.00 target price for the company. JPMorgan Chase & Co. dropped their target price on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, HC Wainwright reiterated a "buy" rating and issued a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $20.71.

CleanSpark Stock Performance

Shares of NASDAQ:CLSK traded down $0.51 during trading on Friday, hitting $9.36. The company's stock had a trading volume of 25,551,613 shares, compared to its average volume of 28,318,860. The business has a 50 day moving average price of $8.28 and a two-hundred day moving average price of $10.18. The company has a market capitalization of $2.63 billion, a PE ratio of 85.10 and a beta of 4.36. CleanSpark, Inc. has a fifty-two week low of $6.45 and a fifty-two week high of $20.64.

CleanSpark (NASDAQ:CLSK - Get Free Report) last issued its earnings results 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 for the quarter, compared to analyst estimates of $196.43 million. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. The business's revenue for the quarter was up 62.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.59 EPS. As a group, equities analysts expect that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

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.