Summit Trail Advisors LLC Invests $368,000 in Cleanspark, Inc. (NASDAQ:CLSK)

Summit Trail Advisors LLC bought a new position in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm bought 54,704 shares of the company's stock, valued at approximately $368,000.

A number of other institutional investors also recently bought and sold shares of the stock. CX Institutional acquired a new position in Cleanspark during the first quarter valued at $26,000. Russell Investments Group Ltd. lifted its holdings 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 buying an additional 2,196 shares during the period. GAMMA Investing LLC boosted its stake in shares of Cleanspark by 207.8% in the first quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock worth $82,000 after buying an additional 8,212 shares during the last quarter. Truefg LLC purchased a new stake in shares of Cleanspark in the first quarter worth about $84,000. Finally, KBC Group NV grew its holdings in Cleanspark by 39.4% during the first quarter. KBC Group NV now owns 14,086 shares of the company's stock worth $95,000 after acquiring an additional 3,983 shares during the period. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Chardan Capital reissued a "buy" rating and issued a $20.00 price target on shares of Cleanspark in a report on Wednesday, June 25th. JPMorgan Chase & Co. boosted their target price on shares of Cleanspark from $12.00 to $14.00 and gave the company an "overweight" rating in a research note on Friday, June 13th. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Finally, B. Riley began coverage on shares of Cleanspark in a research note on Tuesday, July 1st. They issued a "buy" rating and a $16.00 target price for the company. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $20.38.

Insiders Place Their Bets

In related news, Director Roger Paul Beynon sold 50,000 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the transaction, the director directly owned 125,511 shares of the company's stock, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.65% of the company's stock.

Cleanspark Price Performance

Cleanspark stock traded down $0.19 during trading on Friday, reaching $12.30. The company had a trading volume of 20,908,929 shares, compared to its average volume of 27,962,937. The firm's 50-day simple moving average is $9.58 and its 200 day simple moving average is $9.31. Cleanspark, Inc. has a 1-year low of $6.45 and a 1-year high of $20.49.

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