Louisiana State Employees Retirement System Buys Shares of 130,900 Cleanspark, Inc. (NASDAQ:CLSK)

Louisiana State Employees Retirement System bought a new stake in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 130,900 shares of the company's stock, valued at approximately $880,000.

Several other institutional investors and hedge funds also recently bought and sold shares of CLSK. New York State Common Retirement Fund increased its stake in Cleanspark by 24.8% during the 1st quarter. New York State Common Retirement Fund now owns 85,537 shares of the company's stock worth $575,000 after buying an additional 17,000 shares during the period. Mutual of America Capital Management LLC purchased a new stake in Cleanspark during the 1st quarter worth approximately $272,000. Arizona State Retirement System increased its stake in Cleanspark by 14.1% during the 1st quarter. Arizona State Retirement System now owns 83,762 shares of the company's stock worth $563,000 after buying an additional 10,346 shares during the period. Xponance Inc. increased its stake in Cleanspark by 18.1% during the 1st quarter. Xponance Inc. now owns 21,137 shares of the company's stock worth $142,000 after buying an additional 3,236 shares during the period. Finally, Cornerstone Investment Partners LLC purchased a new stake in Cleanspark during the 1st quarter worth approximately $138,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cleanspark

In related news, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the transaction, the director owned 125,511 shares in the company, valued at $1,319,120.61. This represents a 28.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.65% of the company's stock.

Cleanspark Trading Down 1.5%

NASDAQ CLSK opened at $12.78 on Friday. The company's fifty day simple moving average is $10.37 and its 200-day simple moving average is $9.48. Cleanspark, Inc. has a 52 week low of $6.45 and a 52 week high of $19.04. The stock has a market cap of $3.59 billion, a P/E ratio of -13.31 and a beta of 4.23.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (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 company had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. During the same period in the prior year, the company earned $0.59 earnings per share. The company's revenue was up 62.5% on a year-over-year basis. On average, research analysts expect that Cleanspark, Inc. will post 0.58 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CLSK shares. B. Riley started coverage on shares of Cleanspark in a report on Tuesday, July 1st. They issued a "buy" rating and a $16.00 target price for the company. JPMorgan Chase & Co. upped their price objective on shares of Cleanspark from $12.00 to $14.00 and gave the stock an "overweight" rating in a research report on Friday, June 13th. Chardan Capital restated a "buy" rating and set a $20.00 price objective on shares of Cleanspark in a research report on Tuesday, July 8th. Finally, BTIG Research restated a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $20.38.

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.

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