Summit Trail Advisors LLC Buys New Shares in Cleanspark, Inc. (NASDAQ:CLSK)

Summit Trail Advisors LLC purchased a new position in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 54,704 shares of the company's stock, valued at approximately $368,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vontobel Holding Ltd. grew its stake in shares of Cleanspark by 60.5% during the first quarter. Vontobel Holding Ltd. now owns 214,357 shares of the company's stock worth $1,440,000 after purchasing an additional 80,825 shares during the period. New York State Teachers Retirement System acquired a new position in shares of Cleanspark during the 1st quarter worth about $1,471,000. Amalgamated Bank grew its position in shares of Cleanspark by 934.3% during the 1st quarter. Amalgamated Bank now owns 79,298 shares of the company's stock worth $533,000 after buying an additional 71,631 shares during the period. KBC Group NV increased its stake in shares of Cleanspark by 39.4% in the 1st quarter. KBC Group NV now owns 14,086 shares of the company's stock valued at $95,000 after acquiring an additional 3,983 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in shares of Cleanspark by 66.8% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 500,500 shares of the company's stock valued at $3,363,000 after acquiring an additional 200,500 shares during the period. 43.12% of the stock is owned by institutional investors.

Insider Transactions at Cleanspark

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the director owned 125,511 shares of the company's stock, valued at $1,319,120.61. This represents a 28.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.65% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CLSK shares. Chardan Capital restated a "buy" rating and set a $20.00 price objective on shares of Cleanspark in a report on Wednesday, June 25th. B. Riley assumed coverage on shares of Cleanspark in a report on Tuesday. They issued a "buy" rating and a $16.00 price target for the company. BTIG Research restated a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Finally, JPMorgan Chase & Co. lifted their target price on Cleanspark from $12.00 to $14.00 and gave the stock an "overweight" rating in a report on Friday, June 13th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $20.38.

Cleanspark Stock Down 1.5%

CLSK traded down $0.19 during trading on Thursday, hitting $12.30. The company had a trading volume of 20,908,929 shares, compared to its average volume of 27,939,915. The company has a market capitalization of $3.45 billion, a PE ratio of -12.81 and a beta of 4.23. Cleanspark, Inc. has a one year low of $6.45 and a one year high of $20.49. The firm's 50-day moving average price is $9.52 and its 200 day moving average price is $9.34.

Cleanspark (NASDAQ:CLSK - Get Free Report) last released its quarterly 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). The firm had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The business's revenue for the quarter was up 62.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 EPS. Sell-side analysts forecast that Cleanspark, Inc. will post 0.58 earnings per share for the current year.

About Cleanspark

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.