Foundry Partners LLC Acquires New Stake in Cleanspark, Inc. (NASDAQ:CLSK)

Foundry Partners LLC purchased 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 Securities and Exchange Commission. The institutional investor purchased 343,350 shares of the company's stock, valued at approximately $2,307,000. Foundry Partners LLC owned 0.12% of Cleanspark at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its position in shares of Cleanspark by 1,018.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company's stock worth $15,538,000 after purchasing an additional 1,536,145 shares during the period. Jump Financial LLC purchased a new stake in Cleanspark during the 4th quarter worth about $13,443,000. Principal Financial Group Inc. grew its stake 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 during the last quarter. Shaolin Capital Management LLC bought a new position in Cleanspark in the fourth quarter worth $8,559,000. Finally, Invesco Ltd. boosted its holdings in shares of Cleanspark by 44.2% in the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company's stock worth $27,486,000 after buying an additional 914,279 shares during the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Roger Paul Beynon sold 50,000 shares of the 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 sale, the director directly owned 125,511 shares in the company, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.65% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on CLSK shares. B. Riley initiated coverage on Cleanspark in a report on Tuesday, July 1st. They issued a "buy" rating and a $16.00 price target on the stock. Chardan Capital reaffirmed a "buy" rating and set a $20.00 target price on shares of Cleanspark in a research report on Tuesday, July 8th. BTIG Research restated a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cleanspark from $12.00 to $14.00 and gave the company 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. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $20.38.

Cleanspark Trading Down 3.1%

Shares of NASDAQ:CLSK traded down $0.39 during mid-day trading on Monday, hitting $12.39. 24,071,008 shares of the company traded hands, compared to its average volume of 27,727,615. The stock has a market cap of $3.48 billion, a P/E ratio of -12.91 and a beta of 4.23. Cleanspark, Inc. has a 12-month low of $6.45 and a 12-month high of $19.04. The stock has a 50-day moving average price of $10.37 and a two-hundred day moving average price of $9.48.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $181.71 million for the quarter, compared to the consensus estimate of $196.43 million. During the same period last year, the business earned $0.59 EPS. The firm's quarterly revenue was up 62.5% on a year-over-year basis. As a group, analysts expect that Cleanspark, Inc. will post 0.58 earnings per share for the current 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.