Maryland State Retirement & Pension System Invests $545,000 in Cleanspark, Inc. (NASDAQ:CLSK)

Key Points

• The Maryland State Retirement & Pension System invested approximately $545,000 by acquiring 81,125 shares of Cleanspark, Inc. (NASDAQ: CLSK) in the first quarter.
• Cleanspark reported earnings of $0.78 per share for the last quarter, significantly exceeding the expected $0.07, with a 90.8% increase in revenue year-over-year.
• Analysts maintain a "Moderate Buy" rating on Cleanspark, with a consensus price target of $20.47, reflecting positive market sentiment towards the company's growth potential.

Maryland State Retirement & Pension System purchased a new position in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 81,125 shares of the company's stock, valued at approximately $545,000.

Other hedge funds have also made changes to their positions in the company. CX Institutional acquired a new stake in shares of Cleanspark during the first quarter worth approximately $26,000. Russell Investments Group Ltd. grew its position in shares of Cleanspark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after buying an additional 2,196 shares in the last quarter. Farringdon Capital Ltd. acquired a new stake in shares of Cleanspark during the fourth quarter worth approximately $105,000. GAMMA Investing LLC grew its position in shares of Cleanspark by 207.8% during the first quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock worth $82,000 after buying an additional 8,212 shares in the last quarter. Finally, Atria Wealth Solutions Inc. acquired a new stake in shares of Cleanspark during the first quarter worth approximately $82,000. Institutional investors and hedge funds own 43.12% of the company's stock.

Cleanspark Price Performance

Shares of CLSK opened at $9.95 on Friday. The business's fifty day moving average price is $11.02 and its 200 day moving average price is $9.53. Cleanspark, Inc. has a 12-month low of $6.45 and a 12-month high of $17.97. The stock has a market capitalization of $2.80 billion, a PE ratio of 11.71 and a beta of 3.72.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 quarterly revenue was up 90.8% compared to the same quarter last year. During the same period last year, the business posted ($1.03) earnings per share. As a group, research 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 research firms have recently weighed in on CLSK. Cantor Fitzgerald raised their price target on shares of Cleanspark from $25.00 to $26.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Chardan Capital reissued a "buy" rating and set a $20.00 price target on shares of Cleanspark in a research report on Friday, August 8th. JPMorgan Chase & Co. raised their price objective on Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. BTIG Research restated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Finally, Wall Street Zen upgraded Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Cleanspark has an average rating of "Moderate Buy" and a consensus price target of $20.47.

Insider Transactions at Cleanspark

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the sale, the director directly owned 125,511 shares in the company, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.65% of the company's stock.

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.

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