Exchange Traded Concepts LLC Increases Stock Holdings in Cleanspark, Inc. (NASDAQ:CLSK)

Exchange Traded Concepts LLC boosted its position in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 24.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 889,540 shares of the company's stock after purchasing an additional 175,291 shares during the period. Exchange Traded Concepts LLC owned about 0.32% of Cleanspark worth $5,978,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CX Institutional bought a new stake in Cleanspark in the 1st quarter valued at approximately $26,000. Russell Investments Group Ltd. boosted its holdings in shares of Cleanspark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after buying an additional 2,196 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Cleanspark by 207.8% in the 1st quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock valued at $82,000 after acquiring an additional 8,212 shares during the period. Truefg LLC bought a new position in Cleanspark during the first quarter worth about $84,000. Finally, Farringdon Capital Ltd. acquired a new position in Cleanspark during the fourth quarter worth approximately $105,000. Institutional investors and hedge funds own 43.12% of the company's stock.

Insider Transactions at Cleanspark

In related news, 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 sale, the director now owns 140,289 shares in the company, valued at $1,118,103.33. The trade was a 8.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Roger Paul Beynon sold 50,000 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.65% of the stock is owned by insiders.

Analyst Ratings Changes

CLSK has been the subject of several research reports. JPMorgan Chase & Co. raised their price target on Cleanspark from $12.00 to $14.00 and gave the company an "overweight" rating in a report on Friday, June 13th. BTIG Research restated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Finally, Chardan Capital started coverage on shares of Cleanspark in a research note on Wednesday, May 21st. They issued a "buy" rating and a $20.00 price target on the stock. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $21.00.

Cleanspark Stock Performance

Shares of NASDAQ CLSK traded up $0.28 during midday trading on Thursday, reaching $9.18. The company's stock had a trading volume of 26,794,406 shares, compared to its average volume of 27,889,777. The company has a market cap of $2.58 billion, a P/E ratio of -9.56 and a beta of 4.23. Cleanspark, Inc. has a fifty-two week low of $6.45 and a fifty-two week high of $20.64. The business's 50 day moving average price is $8.92 and its two-hundred day moving average price is $9.56.

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 the consensus estimate of $0.03 by ($0.05). Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The firm had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. During the same quarter in the previous year, the firm posted $0.59 earnings per share. Cleanspark's quarterly revenue was up 62.5% compared to the same quarter last year. Sell-side analysts forecast that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

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.