Nuveen Asset Management LLC Acquires 32,907 Shares of CleanSpark, Inc. (NASDAQ:CLSK)

Nuveen Asset Management LLC grew its holdings in shares of CleanSpark, Inc. (NASDAQ:CLSK - Free Report) by 5.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 632,229 shares of the company's stock after purchasing an additional 32,907 shares during the quarter. Nuveen Asset Management LLC owned about 0.23% of CleanSpark worth $5,823,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CLSK. Barclays PLC boosted its position in CleanSpark by 364.0% during the third quarter. Barclays PLC now owns 389,201 shares of the company's stock worth $3,634,000 after purchasing an additional 305,316 shares during the period. KBC Group NV boosted its position in CleanSpark by 36.5% during the fourth quarter. KBC Group NV now owns 10,103 shares of the company's stock worth $93,000 after purchasing an additional 2,700 shares during the period. R Squared Ltd bought a new position in shares of CleanSpark in the fourth quarter valued at approximately $101,000. Archer Investment Management LLC bought a new position in shares of CleanSpark in the fourth quarter valued at approximately $122,000. Finally, Money Concepts Capital Corp boosted its position in shares of CleanSpark by 19.7% in the fourth quarter. Money Concepts Capital Corp now owns 51,571 shares of the company's stock valued at $475,000 after acquiring an additional 8,487 shares during the period. Institutional investors own 43.12% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Needham & Company LLC assumed coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 price objective for the company. HC Wainwright restated a "buy" rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Friday, February 7th. Chardan Capital assumed coverage on shares of CleanSpark in a research report on Wednesday, May 21st. They issued a "buy" rating and a $20.00 price objective for the company. Finally, JPMorgan Chase & Co. cut their price objective on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $20.71.

CleanSpark Stock Performance

CLSK traded up $0.32 on Wednesday, reaching $9.53. The company had a trading volume of 23,207,894 shares, compared to its average volume of 28,171,289. The business has a 50 day simple moving average of $8.47 and a 200 day simple moving average of $9.86. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 86.64 and a beta of 4.24. CleanSpark, Inc. has a 52-week low of $6.45 and a 52-week high of $20.64.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). The company had revenue of $181.71 million during the quarter, compared to analysts' expectations of $196.43 million. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. The company's revenue for the quarter was up 62.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 earnings per share. As a group, equities research analysts predict that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Activity at CleanSpark

In related news, Director Amanda Cavaleri sold 13,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $7.97, for a total value of $103,610.00. Following the sale, the director now directly owns 140,289 shares of the company's stock, valued at $1,118,103.33. This trade represents a 8.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 now directly owns 125,511 shares in the company, valued at $1,319,120.61. This represents a 28.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.65% of the stock is currently owned by insiders.

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.