Empowered Funds LLC Takes $2.14 Million Position in Cleanspark, Inc. $CLSK

Key Points

• Empowered Funds LLC acquired 251,697 CleanSpark shares worth approximately $2.14 million, representing a 0.10% stake. Institutional investors and hedge funds collectively own 43.12% of the company.
• Analysts remain broadly optimistic, with an average rating of “Moderate Buy” and an average price target of $23.88; several firms recently raised their targets to $25–$26.
• CleanSpark shares opened at $12.75, down 5.6%, while the company’s latest quarter showed a $1.52 loss per share, revenue below expectations, and a 24.9% year-over-year revenue decline.

Empowered Funds LLC bought a new position in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 251,697 shares of the company's stock, valued at approximately $2,142,000. Empowered Funds LLC owned 0.10% of Cleanspark as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Excelsior Advisor Network LLC lifted its position in Cleanspark by 58.7% during the first quarter. Excelsior Advisor Network LLC now owns 26,350 shares of the company's stock valued at $224,000 after buying an additional 9,750 shares in the last quarter. Quantinno Capital Management LP increased its position in shares of Cleanspark by 78.4% in the first quarter. Quantinno Capital Management LP now owns 56,277 shares of the company's stock worth $479,000 after acquiring an additional 24,737 shares in the last quarter. SummitTX Capital L.P. acquired a new stake in shares of Cleanspark in the first quarter worth $138,000. Lido Advisors LLC raised its stake in shares of Cleanspark by 19.1% in the 1st quarter. Lido Advisors LLC now owns 34,197 shares of the company's stock valued at $291,000 after acquiring an additional 5,494 shares during the period. Finally, CI Investments Inc. purchased a new position in shares of Cleanspark in the 1st quarter valued at $101,000. Institutional investors and hedge funds own 43.12% of the company's stock.

Wall Street Analyst Weigh In

CLSK has been the subject of a number of research reports. BTIG Research reaffirmed a "buy" rating and set a $26.00 price target on shares of Cleanspark in a research report on Tuesday, July 14th. Chardan Capital boosted their price objective on Cleanspark from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods upped their target price on Cleanspark from $16.00 to $25.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 28th. Citigroup started coverage on Cleanspark in a research note on Wednesday, June 24th. They issued an "outperform" rating for the company. Finally, B. Riley Financial raised their target price on Cleanspark from $19.00 to $26.00 and gave the company a "buy" rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cleanspark presently has an average rating of "Moderate Buy" and an average price target of $23.88.

Cleanspark Stock Down 5.6%

Shares of NASDAQ CLSK opened at $12.75 on Friday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 8.26 and a current ratio of 8.26. Cleanspark, Inc. has a 1 year low of $8.00 and a 1 year high of $23.61. The stock's 50-day simple moving average is $15.01 and its 200-day simple moving average is $12.67. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of -6.07 and a beta of 3.86.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported ($1.52) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($1.27). Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. The business had revenue of $136.41 million during the quarter, compared to analysts' expectations of $145.35 million. During the same period in the prior year, the company posted ($0.49) EPS. The company's revenue for the quarter was down 24.9% on a year-over-year basis. As a group, equities analysts anticipate that Cleanspark, Inc. will post -1.23 earnings per share for the current fiscal year.

Cleanspark Company Profile

CleanSpark, Inc NASDAQ: CLSK is a leading energy software and services company specializing in advanced microgrid controls and distributed energy resource (DER) management. The firm develops proprietary software platforms designed to optimize power flows across on-grid and off-grid installations, integrating renewable generation, battery storage, and traditional generation assets. CleanSpark's technology is used by utilities, commercial and industrial enterprises, and remote facilities seeking to enhance energy resilience, reduce operating costs, and achieve sustainability goals.

In addition to its core software offerings, CleanSpark provides end-to-end engineering, procurement and construction (EPC) services.

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