Rhumbline Advisers Buys 386,809 Shares of CleanSpark, Inc. (NASDAQ:CLSK)

Rhumbline Advisers grew its position in shares of CleanSpark, Inc. (NASDAQ:CLSK - Free Report) by 115.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 720,903 shares of the company's stock after purchasing an additional 386,809 shares during the period. Rhumbline Advisers owned about 0.26% of CleanSpark worth $4,844,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Compagnie Lombard Odier SCmA bought a new stake in CleanSpark during the fourth quarter worth about $31,000. Russell Investments Group Ltd. lifted its stake in shares of CleanSpark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after acquiring an additional 2,196 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of CleanSpark by 207.8% in the 1st quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock valued at $82,000 after acquiring an additional 8,212 shares during the last quarter. Farringdon Capital Ltd. bought a new stake in shares of CleanSpark in the 4th quarter valued at about $105,000. Finally, Haven Private LLC bought a new stake in shares of CleanSpark in the 4th quarter valued at about $108,000. Institutional investors own 43.12% of the company's stock.

Insider Activity at CleanSpark

In other CleanSpark news, Director Roger Paul Beynon sold 50,000 shares of the 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 sale, the director now directly owns 125,511 shares in the company, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Amanda Cavaleri sold 13,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the transaction, the director now owns 140,289 shares in the company, valued at approximately $1,118,103.33. This trade represents a 8.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.65% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CLSK has been the subject of a number of recent research reports. Chardan Capital initiated coverage on CleanSpark in a research note on Wednesday, May 21st. They issued a "buy" rating and a $20.00 target price for the company. JPMorgan Chase & Co. boosted their target price on CleanSpark from $12.00 to $14.00 and gave the company an "overweight" rating in a research note on Friday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $21.00.

CleanSpark Price Performance

NASDAQ:CLSK traded down $0.41 during mid-day trading on Friday, reaching $9.30. 28,019,377 shares of the company's stock traded hands, compared to its average volume of 27,954,928. CleanSpark, Inc. has a 12-month low of $6.45 and a 12-month high of $20.64. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 84.55 and a beta of 4.23. The company has a 50 day moving average price of $8.80 and a 200-day moving average price of $9.66.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results 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 net margin of 16.07% and a negative return on equity of 2.61%. The business had revenue of $181.71 million for the quarter, compared to analysts' expectations of $196.43 million. During the same quarter in the prior year, the firm earned $0.59 EPS. The firm's revenue for the quarter was up 62.5% on a year-over-year basis. As a group, analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current year.

CleanSpark Company 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.