Invesco Ltd. Buys 613,040 Shares of Cleanspark, Inc. $CLSK

Key Points

• Invesco Ltd. increased its stake in Cleanspark, Inc. by 20.5% during the first quarter, owning approximately 1.28% of the company, valued at $24.18 million by the quarter's end.
• Several other institutional investors, including Vanguard Group and Charles Schwab, also significantly increased their holdings in Cleanspark during the same period, reflecting a growing interest in the company.
• Cleanspark reported a 90.8% year-over-year revenue increase, with earnings totaling $0.78 per share, surpassing analysts' expectations of $0.07.

Invesco Ltd. raised its stake in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 20.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,597,402 shares of the company's stock after purchasing an additional 613,040 shares during the period. Invesco Ltd. owned 1.28% of Cleanspark worth $24,175,000 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 added to or reduced their stakes in the stock. Swiss National Bank raised its position in Cleanspark by 13.8% during the first quarter. Swiss National Bank now owns 566,800 shares of the company's stock valued at $3,809,000 after purchasing an additional 68,900 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Cleanspark by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,500 shares of the company's stock valued at $144,000 after purchasing an additional 2,158 shares during the period. Maryland State Retirement & Pension System purchased a new stake in Cleanspark during the first quarter valued at approximately $545,000. Mutual of America Capital Management LLC purchased a new stake in Cleanspark during the first quarter valued at approximately $272,000. Finally, Deutsche Bank AG raised its position in Cleanspark by 5.9% during the first quarter. Deutsche Bank AG now owns 368,142 shares of the company's stock valued at $2,474,000 after purchasing an additional 20,661 shares during the period. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

Cleanspark Stock Performance

CLSK traded up $0.23 during trading on Tuesday, hitting $9.68. 12,666,999 shares of the stock were exchanged, compared to its average volume of 19,456,618. The firm has a 50 day simple moving average of $11.00 and a 200 day simple moving average of $9.47. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 11.39 and a beta of 3.72. Cleanspark, Inc. has a 1 year low of $6.45 and a 1 year high of $17.97.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.71. The business had revenue of $198.64 million for the quarter, compared to analysts' expectations of $191.33 million. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The business's revenue for the quarter was up 90.8% on a year-over-year basis. During the same quarter last year, the firm earned ($1.03) EPS. As a group, equities analysts anticipate that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Cantor Fitzgerald upped their price objective on Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Chardan Capital reiterated a "buy" rating and issued a $20.00 price target on shares of Cleanspark in a report on Friday, August 8th. JPMorgan Chase & Co. increased their price target on Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Wall Street Zen upgraded Cleanspark from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, BTIG Research reiterated a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Ten investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $20.47.

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.