Rhumbline Advisers Raises Holdings in Cleanspark, Inc. (NASDAQ:CLSK)

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

Several other hedge funds also recently added to or reduced their stakes in CLSK. Vanguard Group Inc. lifted its holdings in shares of Cleanspark by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company's stock worth $181,029,000 after acquiring an additional 495,367 shares during the last quarter. Geode Capital Management LLC increased its holdings in Cleanspark by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company's stock valued at $60,037,000 after purchasing an additional 353,807 shares during the last quarter. Invesco Ltd. raised its position in Cleanspark by 44.2% in the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company's stock valued at $27,486,000 after purchasing an additional 914,279 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Cleanspark by 12.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,464,861 shares of the company's stock valued at $22,701,000 after buying an additional 270,026 shares during the period. Finally, Northern Trust Corp increased its stake in Cleanspark by 7.2% during the fourth quarter. Northern Trust Corp now owns 2,419,057 shares of the company's stock worth $22,280,000 after purchasing an additional 163,282 shares during the period. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

Cleanspark Stock Down 7.5%

NASDAQ CLSK traded down $0.72 on Tuesday, hitting $8.90. 29,036,925 shares of the stock were exchanged, compared to its average volume of 27,906,783. Cleanspark, Inc. has a fifty-two week low of $6.45 and a fifty-two week high of $20.64. The company has a 50-day moving average price of $8.89 and a 200-day moving average price of $9.56. The company has a market cap of $2.50 billion, a PE ratio of -9.27 and a beta of 4.23.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). The firm had revenue of $181.71 million for the quarter, compared to analyst estimates of $196.43 million. Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. The business's revenue for the quarter was up 62.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.59 EPS. As a group, equities research analysts predict that Cleanspark, Inc. will post 0.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CLSK shares. JPMorgan Chase & Co. lifted their price objective on shares of Cleanspark from $12.00 to $14.00 and gave the company an "overweight" rating in a report on Friday. BTIG Research restated a "buy" rating on shares of Cleanspark in a research note on Friday. Finally, Chardan Capital started coverage on Cleanspark in a research report on Wednesday, May 21st. They set a "buy" rating and a $20.00 price objective on the stock. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and an average target price of $21.00.

Insiders Place Their Bets

In related news, Director Amanda Cavaleri sold 13,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares in the company, valued at $1,118,103.33. The trade was a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roger Paul Beynon sold 50,000 shares of the company'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 value of $525,500.00. Following the completion of the transaction, the director now directly owns 125,511 shares of the company's stock, valued at $1,319,120.61. This trade 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 owned by company 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.