First Trust Advisors LP Sells 233,642 Shares of Cleanspark, Inc. $CLSK

Key Points

• First Trust Advisors LP reduced its CleanSpark stake by 36% in the first quarter, selling 233,642 shares and retaining 416,039 shares valued at approximately $3.54 million. Institutional investors collectively own 43.12% of the company.
• Analysts remain broadly bullish: CleanSpark has a consensus “Moderate Buy” rating and an average price target of $23.88, with several firms recently raising their targets to $26.
• CleanSpark’s latest quarterly results fell short of expectations, reporting a $1.52 loss per share versus the anticipated $0.25 loss and revenue of $136.41 million, down 24.9% year over year.

First Trust Advisors LP trimmed its holdings in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 36.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 416,039 shares of the company's stock after selling 233,642 shares during the period. First Trust Advisors LP owned about 0.16% of Cleanspark worth $3,540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Integrated Wealth Concepts LLC bought a new position in shares of Cleanspark in the 1st quarter worth $68,000. Caxton Associates LLP purchased a new position in Cleanspark in the first quarter valued at about $169,000. United Services Automobile Association bought a new position in Cleanspark in the first quarter worth about $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Cleanspark by 16.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company's stock valued at $4,025,000 after buying an additional 86,229 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of Cleanspark in the 1st quarter valued at about $38,000. Institutional investors own 43.12% of the company's stock.

Analysts Set New Price Targets

CLSK has been the subject of a number of analyst reports. Cantor Fitzgerald increased their target price on shares of Cleanspark from $17.00 to $26.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Maxim Group increased their price objective on Cleanspark from $18.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. Chardan Capital raised their price objective on Cleanspark from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Weiss Ratings lowered Cleanspark from a "sell (d)" rating to a "sell (d-)" rating in a research report on Friday, May 22nd. Finally, B. Riley Financial increased their price target on Cleanspark from $19.00 to $26.00 and gave the company a "buy" rating in a research note on Monday. One investment 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 company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $23.88.

Cleanspark Price Performance

NASDAQ:CLSK opened at $13.50 on Thursday. The firm's fifty day moving average is $15.11 and its two-hundred day moving average is $12.67. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of -6.43 and a beta of 3.86. 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 one year low of $8.00 and a one year high of $23.61.

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