Shariaportfolio Inc. Sells 214,860 Shares of Cleanspark, Inc. $CLSK

Key Points

• Shariaportfolio Inc. cut its CleanSpark stake by 27.4% in the first quarter, selling 214,860 shares and retaining 569,927 shares valued at approximately $4.85 million.
• CleanSpark reported weaker-than-expected quarterly results, including a $1.52 loss per share versus the $0.25 consensus estimate and revenue of $136.4 million, down 24.9% year over year.
• Despite the earnings miss, analysts remain broadly optimistic: the stock has a “Moderate Buy” consensus rating and an average price target of $23.35, compared with its recent $13.76 price.

Shariaportfolio Inc. lowered its position in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 27.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 569,927 shares of the company's stock after selling 214,860 shares during the quarter. Cleanspark accounts for 2.1% of Shariaportfolio Inc.'s holdings, making the stock its 10th biggest position. Shariaportfolio Inc. owned approximately 0.22% of Cleanspark worth $4,850,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. New York State Teachers Retirement System increased its stake in Cleanspark by 37.7% in the 4th quarter. New York State Teachers Retirement System now owns 341,749 shares of the company's stock valued at $3,458,000 after buying an additional 93,649 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in shares of Cleanspark during the 4th quarter worth about $2,019,000. Benchmark Financial LLC bought a new position in shares of Cleanspark in the 4th quarter valued at about $1,255,000. Fiduciary Alliance LLC bought a new position in shares of Cleanspark in the 4th quarter valued at about $2,203,000. Finally, UBS Group AG increased its position in shares of Cleanspark by 81.1% in the fourth quarter. UBS Group AG now owns 3,579,166 shares of the company's stock valued at $36,221,000 after acquiring an additional 1,602,830 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

Cleanspark Stock Performance

Shares of Cleanspark stock opened at $13.76 on Monday. The firm has a 50-day moving average of $15.29 and a 200-day moving average of $12.65. The stock has a market cap of $3.53 billion, a PE ratio of -6.55 and a beta of 3.83. Cleanspark, Inc. has a 52-week low of $8.00 and a 52-week high of $23.61. The company has a debt-to-equity ratio of 1.81, a quick ratio of 8.26 and a current ratio of 8.26.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($1.52) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($1.27). Cleanspark had a positive return on equity of 7.07% and a negative net margin of 67.66%.The business had revenue of $136.41 million for the quarter, compared to the consensus estimate of $145.35 million. During the same period in the prior year, the business posted ($0.49) earnings per share. Cleanspark's revenue was down 24.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Cleanspark, Inc. will post -1.17 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CLSK. BTIG Research restated a "buy" rating and issued a $26.00 price target on shares of Cleanspark in a research note on Tuesday, July 14th. Citigroup initiated coverage on Cleanspark in a report on Wednesday, June 24th. They issued an "outperform" rating for the company. Maxim Group raised their target price on shares of Cleanspark from $18.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday, May 12th. Chardan Capital boosted their target price on shares of Cleanspark from $19.00 to $21.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Finally, Citizens Jmp started coverage on shares of Cleanspark in a research report on Wednesday, June 24th. They set a "market outperform" rating and a $27.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cleanspark has an average rating of "Moderate Buy" and a consensus price target of $23.35.

About Cleanspark

CleanSpark, Inc NASDAQ: CLSK is a leading energy software and services company specializing in advanced microgrid controls and distributed energy resource (DER) management. The firm develops proprietary software platforms designed to optimize power flows across on-grid and off-grid installations, integrating renewable generation, battery storage, and traditional generation assets. CleanSpark's technology is used by utilities, commercial and industrial enterprises, and remote facilities seeking to enhance energy resilience, reduce operating costs, and achieve sustainability goals.

In addition to its core software offerings, CleanSpark provides end-to-end engineering, procurement and construction (EPC) services.

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