Nuveen LLC Acquires New Stake in Cleanspark, Inc. $CLSK

Key Points

• Nuveen LLC acquired 1,206,683 shares of Cleanspark, Inc. valued at approximately $8,109,000, representing about 0.43% of the company's total shares.
• Cleanspark's stock has recently increased by 5.3% and is trading at approximately $9.82, with a market cap of $2.76 billion.
• Analysts have raised their price targets for Cleanspark, with several firms, including Macquarie and Cantor Fitzgerald, now targeting prices as high as $26.00 for the stock.

Nuveen LLC acquired a new position in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,206,683 shares of the company's stock, valued at approximately $8,109,000. Nuveen LLC owned 0.43% of Cleanspark as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Mackenzie Financial Corp raised its stake in shares of Cleanspark by 13.5% in the fourth quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock worth $147,000 after buying an additional 1,898 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Cleanspark by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,500 shares of the company's stock worth $144,000 after buying an additional 2,158 shares during the period. 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 purchasing an additional 2,196 shares in the last quarter. Xponance Inc. grew its position in shares of Cleanspark by 18.1% during the first quarter. Xponance Inc. now owns 21,137 shares of the company's stock worth $142,000 after purchasing an additional 3,236 shares in the last quarter. Finally, Tobam grew its position in shares of Cleanspark by 10.9% during the first quarter. Tobam now owns 36,795 shares of the company's stock worth $247,000 after purchasing an additional 3,624 shares in the last quarter. Institutional investors own 43.12% of the company's stock.

Cleanspark Stock Down 0.8%

CLSK traded down $0.08 during trading hours on Friday, reaching $9.47. 17,068,407 shares of the company's stock traded hands, compared to its average volume of 18,987,020. The firm has a 50-day moving average price of $11.03 and a 200 day moving average price of $9.46. Cleanspark, Inc. has a 52-week low of $6.45 and a 52-week high of $17.97. The firm has a market capitalization of $2.66 billion, a PE ratio of 11.14 and a beta of 3.72.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data 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. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The company had revenue of $198.64 million during the quarter, compared to analysts' expectations of $191.33 million. During the same quarter in the previous year, the business earned ($1.03) EPS. Cleanspark's revenue was up 90.8% compared to the same quarter last year. Equities analysts predict that Cleanspark, Inc. will post 0.58 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on CLSK. LADENBURG THALM/SH SH began coverage on Cleanspark in a research report on Monday, July 28th. They set a "buy" rating and a $20.25 target price for the company. Wall Street Zen upgraded Cleanspark from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Cantor Fitzgerald raised their price target on Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a report on Friday, August 8th. BTIG Research restated a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Finally, B. Riley raised their price target on Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a report on Friday, August 8th. Ten analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Cleanspark currently has an average rating of "Buy" and an average target price of $20.47.

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.