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

Other large investors have also added to or reduced their stakes in the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in Cleanspark by 68.6% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 281,783 shares of the company's stock valued at $2,595,000 after acquiring an additional 114,674 shares in the last quarter. Algert Global LLC lifted its position in Cleanspark by 284.1% in the 4th quarter. Algert Global LLC now owns 198,862 shares of the company's stock valued at $1,832,000 after acquiring an additional 147,086 shares in the last quarter. Mutual of America Capital Management LLC bought a new position in Cleanspark in the 1st quarter valued at about $272,000. Ameriprise Financial Inc. lifted its position in Cleanspark by 27.7% in the 4th quarter. Ameriprise Financial Inc. now owns 291,391 shares of the company's stock valued at $2,684,000 after acquiring an additional 63,123 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Cleanspark by 128.9% in the 1st quarter. Bank of New York Mellon Corp now owns 1,579,277 shares of the company's stock valued at $10,613,000 after acquiring an additional 889,317 shares in the last quarter. Institutional investors own 43.12% of the company's stock.

Cleanspark Stock Performance

NASDAQ:CLSK traded down $0.2450 on Tuesday, hitting $9.5950. The stock had a trading volume of 3,974,009 shares, compared to its average volume of 25,254,332. The stock has a market cap of $2.70 billion, a P/E ratio of 11.26 and a beta of 3.72. Cleanspark, Inc. has a 1 year low of $6.45 and a 1 year high of $17.97. The firm's fifty day simple moving average is $11.01 and its two-hundred day simple moving average is $9.51.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.71. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The company had revenue of $198.64 million during the quarter, compared to analyst estimates of $191.33 million. During the same quarter last year, the business posted ($1.03) EPS. Cleanspark's quarterly revenue was up 90.8% compared to the same quarter last year. Equities research analysts predict that Cleanspark, Inc. will post 0.58 EPS for the current year.

Insider Activity

In other 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 owned 125,511 shares in the company, valued at $1,319,120.61. This trade represents a 28.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.65% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CLSK shares. B. Riley raised their price target on shares of Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, August 8th. BTIG Research reaffirmed a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Chardan Capital reiterated a "buy" rating and issued a $20.00 price objective on shares of Cleanspark in a research note on Friday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Finally, Wall Street Zen upgraded shares of Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Ten research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus 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.