Neo Ivy Capital Management Invests $591,000 in Cleanspark, Inc. (NASDAQ:CLSK)

Key Points

• Neo Ivy Capital Management has acquired a new stake in Cleanspark, Inc., purchasing 87,948 shares valued at approximately $591,000 in the first quarter of 2023.
• The stock has shown significant fluctuations, opening at $11.82, with a 1-year low of $6.45 and a high of $18.05, leading to a market capitalization of $3.32 billion.
• Cleanspark reported earnings of ($0.02) per share for the last quarter, missing analyst estimates, despite a 62.5% year-over-year revenue increase to $181.71 million.

Neo Ivy Capital Management acquired a new position in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 87,948 shares of the company's stock, valued at approximately $591,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CLSK. CX Institutional acquired a new stake in shares of Cleanspark in the first quarter valued at approximately $26,000. Russell Investments Group Ltd. raised its holdings in 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 acquiring an additional 2,196 shares in the last quarter. GAMMA Investing LLC boosted 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 purchasing an additional 8,212 shares during the last quarter. Truefg LLC bought a new position in Cleanspark in the first quarter valued at approximately $84,000. Finally, Apollon Wealth Management LLC acquired a new position in shares of Cleanspark during the 1st quarter worth approximately $85,000. 43.12% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Roger Paul Beynon sold 50,000 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the transaction, the director owned 125,511 shares of the company's stock, valued at $1,319,120.61. This represents a 28.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.65% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CLSK has been the subject of several analyst reports. BTIG Research reissued a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. 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. Cantor Fitzgerald boosted their price target on Cleanspark from $22.00 to $25.00 and gave the stock an "overweight" rating in a research report on Monday. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 price objective on shares of Cleanspark in a research report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. boosted their target price on Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $20.69.

Cleanspark Price Performance

Shares of NASDAQ CLSK traded up $0.05 during trading on Wednesday, hitting $11.78. The stock had a trading volume of 5,631,332 shares, compared to its average volume of 25,694,514. Cleanspark, Inc. has a 12 month low of $6.45 and a 12 month high of $17.97. The firm has a fifty day moving average of $10.72 and a two-hundred day moving average of $9.57. The company has a market capitalization of $3.31 billion, a PE ratio of -12.28 and a beta of 4.23.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $181.71 million during the quarter, compared to the consensus estimate of $196.43 million. During the same quarter last year, the company earned $0.59 EPS. The firm's revenue for the quarter was up 62.5% compared to the same quarter last year. On average, equities analysts expect that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

Cleanspark 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.