Maridea Wealth Management LLC Has $2.01 Million Holdings in Cleanspark, Inc. (NASDAQ:CLSK)

Key Points

• Maridea Wealth Management LLC increased its holdings in Cleanspark, Inc. by 70.4%, owning approximately 0.11% of the company valued at $2.01 million as of the latest quarter.
• Cleanspark reported a quarterly loss of ($0.02) EPS, missing analysts' estimates, while its revenue rose 62.5% year-over-year to $181.71 million.
• Analysts are optimistic about Cleanspark's future, with eight analysts giving it a buy rating and an average target price of $20.38.

Maridea Wealth Management LLC lifted its position in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 70.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 298,593 shares of the company's stock after buying an additional 123,343 shares during the period. Maridea Wealth Management LLC owned about 0.11% of Cleanspark worth $2,007,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. CX Institutional acquired a new position in Cleanspark in the 1st quarter worth $26,000. Russell Investments Group Ltd. boosted its stake in Cleanspark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after purchasing an additional 2,196 shares during the period. GAMMA Investing LLC boosted its stake in Cleanspark by 207.8% in the 1st quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock worth $82,000 after purchasing an additional 8,212 shares during the period. Truefg LLC acquired a new position in Cleanspark in the 1st quarter worth $84,000. Finally, Apollon Wealth Management LLC acquired a new position in Cleanspark in the 1st quarter worth $85,000. Institutional investors own 43.12% of the company's stock.

Cleanspark Stock Performance

NASDAQ:CLSK traded up $0.08 during mid-day trading on Thursday, hitting $11.50. The stock had a trading volume of 14,380,077 shares, compared to its average volume of 25,692,260. Cleanspark, Inc. has a twelve month low of $6.45 and a twelve month high of $17.97. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of -12.00 and a beta of 4.23. The company's 50 day simple moving average is $10.75 and its 200 day simple moving average is $9.58.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its 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 firm had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. During the same quarter last year, the business posted $0.59 earnings per share. The company's revenue for the quarter was up 62.5% on a year-over-year basis. As a group, equities analysts forecast that Cleanspark, Inc. will post 0.58 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a research note on Monday. LADENBURG THALM/SH SH initiated coverage on shares of Cleanspark in a research note on Monday. They issued a "buy" rating and a $20.25 target price for the company. B. Riley initiated coverage on shares of Cleanspark in a research note on Tuesday, July 1st. They set a "buy" rating and a $16.00 price objective for the company. Chardan Capital restated a "buy" rating and set a $20.00 price objective on shares of Cleanspark in a research note on Tuesday, July 8th. Finally, Cantor Fitzgerald increased their price objective on shares of Cleanspark from $22.00 to $25.00 and gave the stock an "overweight" rating in a research note on Monday. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $20.69.

Insider Transactions at Cleanspark

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the completion of the sale, the director directly owned 125,511 shares in the company, valued at $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 SEC, which is available at this hyperlink. Company insiders own 2.65% of the company's stock.

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.