Rhumbline Advisers Acquires 386,809 Shares of Cleanspark, Inc. $CLSK

Key Points

• Rhumbline Advisers significantly increased its stake in Cleanspark, Inc. by 115.8% to a total of 720,903 shares, with the investment valued at approximately $4.84 million.
• Cleanspark reported strong quarterly earnings, with EPS of $0.78 surpassing analysts' expectations of $0.07, and a revenue increase of 90.8% year-over-year.
• Analysts have positive outlooks for Cleanspark, with several firms raising their price targets, resulting in a consensus rating of "Buy" and a target price of about $20.47.

Rhumbline Advisers lifted its holdings in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 115.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 720,903 shares of the company's stock after purchasing an additional 386,809 shares during the period. Rhumbline Advisers owned 0.26% of Cleanspark worth $4,844,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Strs Ohio bought a new position in Cleanspark in the first quarter valued at about $38,000. Belpointe Asset Management LLC lifted its stake in Cleanspark by 87.6% in the first quarter. Belpointe Asset Management LLC now owns 19,364 shares of the company's stock valued at $130,000 after buying an additional 9,042 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Cleanspark by 16.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company's stock valued at $4,025,000 after buying an additional 86,229 shares during the period. United Services Automobile Association acquired a new position in Cleanspark in the first quarter valued at about $125,000. Finally, Caxton Associates LLP acquired a new position in Cleanspark in the first quarter valued at about $169,000. Institutional investors own 43.12% of the company's stock.

Cleanspark Stock Performance

NASDAQ:CLSK opened at $10.35 on Friday. The company has a market cap of $2.91 billion, a PE ratio of 12.18 and a beta of 3.65. Cleanspark, Inc. has a 52-week low of $6.45 and a 52-week high of $17.97. The stock has a 50-day simple moving average of $10.75 and a 200 day simple moving average of $9.45.

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, topping analysts' consensus estimates of $0.07 by $0.71. The business had revenue of $198.64 million during the quarter, compared to the consensus estimate of $191.33 million. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.Cleanspark's quarterly revenue was up 90.8% on a year-over-year basis. During the same period last year, the company earned ($1.03) earnings per share. On average, research analysts predict that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Cantor Fitzgerald raised their price target on Cleanspark from $25.00 to $26.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. B. Riley raised their price target on Cleanspark from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. raised their price target on Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. BTIG Research reaffirmed a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Finally, Wall Street Zen raised Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Ten analysts have rated the stock with a Buy rating, According to MarketBeat, Cleanspark has a consensus rating of "Buy" and a consensus target price of $20.47.

Insiders Place Their Bets

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total value of $581,062.56. Following the completion of the transaction, the chief operating officer directly owned 120,337 shares in the company, valued at $1,097,473.44. This trade represents a 34.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.65% of the stock is currently owned by corporate 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.

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