Magnetar Financial LLC Has $2.42 Million Stock Holdings in Cleanspark, Inc. $CLSK

Key Points

• Magnetar Financial LLC reduced its holdings in Cleanspark, Inc. by 12.6%, owning 360,412 shares valued at approximately $2.42 million after selling 51,880 shares in the first quarter.
• Cleanspark's recent earnings report showed a remarkable 90.8% year-over-year revenue increase, with earnings per share at $0.78, significantly surpassing the consensus estimate.
• Equities analysts are optimistic, with ten analysts giving Cleanspark a Buy rating and the average price target set at $20.47.

Magnetar Financial LLC reduced its position in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 12.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 360,412 shares of the company's stock after selling 51,880 shares during the quarter. Magnetar Financial LLC owned approximately 0.13% of Cleanspark worth $2,422,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CX Institutional bought a new stake in Cleanspark in the first quarter valued at about $26,000. Russell Investments Group Ltd. grew its holdings in shares of Cleanspark by 47.6% during the first quarter. Russell Investments Group Ltd. now owns 8,647 shares of the company's stock valued at $58,000 after purchasing an additional 2,788 shares during the last quarter. Neuberger Berman Group LLC bought a new position in shares of Cleanspark during the first quarter valued at approximately $71,000. GAMMA Investing LLC grew its holdings in shares of Cleanspark by 207.8% during the first quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock valued at $82,000 after purchasing an additional 8,212 shares during the last quarter. Finally, Atria Wealth Solutions Inc. bought a new position in shares of Cleanspark during the first quarter valued at approximately $82,000. 43.12% of the stock is owned by institutional investors.

Cleanspark Stock Down 3.3%

CLSK traded down $0.31 during trading on Thursday, reaching $9.13. The stock had a trading volume of 6,564,098 shares, compared to its average volume of 24,677,316. The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of 10.76 and a beta of 3.65. Cleanspark, Inc. has a 1-year low of $6.45 and a 1-year high of $17.97. The stock has a 50 day moving average of $11.01 and a two-hundred day moving average of $9.43.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly 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 company 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 firm's revenue was up 90.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.03) earnings per share. On average, research analysts forecast that Cleanspark, Inc. will post 0.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CLSK has been the subject of several recent research reports. B. Riley upped their target price on Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a report on Friday, August 8th. LADENBURG THALM/SH SH began coverage on Cleanspark in a research report on Monday, July 28th. They set a "buy" rating and a $20.25 price objective for the company. Macquarie boosted their price objective on Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. boosted their price objective on Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Finally, Cantor Fitzgerald boosted their price objective on Cleanspark from $25.00 to $26.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Ten analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $20.47.

Cleanspark Company 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.