Maridea Wealth Management LLC Acquires 123,343 Shares of 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 boosted its holdings in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 70.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 298,593 shares of the company's stock after acquiring an additional 123,343 shares during the quarter. Maridea Wealth Management LLC owned 0.11% of Cleanspark worth $2,007,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. CX Institutional purchased a new stake in shares of Cleanspark in the first quarter valued at about $26,000. Russell Investments Group Ltd. raised its holdings in shares of Cleanspark by 60.0% in the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after purchasing an additional 2,196 shares during the last quarter. Farringdon Capital Ltd. purchased a new stake in shares of Cleanspark in the fourth quarter valued at about $105,000. GAMMA Investing LLC grew its position in 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 buying an additional 8,212 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in Cleanspark during the fourth quarter valued at about $115,000. 43.12% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Roger Paul Beynon sold 50,000 shares of Cleanspark stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the sale, the director owned 125,511 shares in the company, valued at $1,319,120.61. The trade was a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.65% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CLSK has been the subject of several research reports. B. Riley initiated coverage on shares of Cleanspark in a research report on Tuesday, July 1st. They set a "buy" rating and a $16.00 price target for the company. LADENBURG THALM/SH SH initiated coverage on shares of Cleanspark in a research report on Monday. They set a "buy" rating and a $20.25 price target for the company. JPMorgan Chase & Co. increased their target price on shares of Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a research report on Monday. Cantor Fitzgerald increased their target price on shares of Cleanspark from $22.00 to $25.00 and gave the stock an "overweight" rating in a research report on Monday. Finally, Chardan Capital reiterated a "buy" rating and set a $20.00 target price on shares of Cleanspark in a research report on Tuesday, July 8th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $20.69.

Cleanspark Price Performance

NASDAQ:CLSK traded up $0.21 during trading hours on Monday, hitting $12.03. The company had a trading volume of 17,271,465 shares, compared to its average volume of 25,879,630. The company has a market capitalization of $3.38 billion, a PE ratio of -12.53 and a beta of 4.23. The stock has a 50-day moving average price of $10.68 and a 200 day moving average price of $9.56. Cleanspark, Inc. has a 52 week low of $6.45 and a 52 week high of $18.05.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). The company had revenue of $181.71 million during the quarter, compared to the consensus estimate of $196.43 million. Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The business's revenue was up 62.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.59 EPS. Analysts anticipate that Cleanspark, Inc. will post 0.58 EPS for the current fiscal 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.