74,700 Shares in Cleanspark, Inc. (NASDAQ:CLSK) Purchased by Teachers Retirement System of The State of Kentucky

Key Points

• The Teachers Retirement System of The State of Kentucky acquired 74,700 shares of Cleanspark, Inc. (NASDAQ: CLSK), valued at approximately $502,000, during the first quarter.
• Cleanspark reported a loss of $0.02 EPS for the last financial quarter, missing the consensus estimate, although its revenue increased by 62.5% year-over-year.
• Wall Street analysts project positive outlook for Cleanspark, with an average price target of $20.38 and multiple firms, including BTIG Research and Chardan Capital, reaffirming a "buy" rating.

Teachers Retirement System of The State of Kentucky bought a new position in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The firm bought 74,700 shares of the company's stock, valued at approximately $502,000.

A number of other large investors also recently added to or reduced their stakes in CLSK. CX Institutional purchased a new position in Cleanspark in the 1st quarter worth $26,000. Russell Investments Group Ltd. grew its holdings in Cleanspark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after acquiring an additional 2,196 shares during the last quarter. GAMMA Investing LLC grew its holdings in Cleanspark by 207.8% in the 1st quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock worth $82,000 after acquiring an additional 8,212 shares during the last quarter. Truefg LLC bought a new stake in Cleanspark in the 1st quarter worth $84,000. Finally, Apollon Wealth Management LLC bought a new stake in Cleanspark in the 1st quarter worth $85,000. Hedge funds and other institutional investors own 43.12% of the company's stock.

Insider Buying and Selling at Cleanspark

In related news, Director Roger Paul Beynon sold 50,000 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the sale, the director owned 125,511 shares of the company's stock, valued at $1,319,120.61. The trade was a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.65% of the company's stock.

Cleanspark Stock Down 4.7%

Shares of CLSK traded down $0.56 during trading hours on Tuesday, reaching $11.47. 4,969,898 shares of the company traded hands, compared to its average volume of 25,739,941. The company's fifty day moving average price is $10.68 and its two-hundred day moving average price is $9.56. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of -12.04 and a beta of 4.23. Cleanspark, Inc. has a 12 month low of $6.45 and a 12 month high of $17.97.

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Chardan Capital reissued a "buy" rating and issued a $20.00 price target on shares of Cleanspark in a report on Tuesday, July 8th. Cantor Fitzgerald raised their price target on shares of Cleanspark from $22.00 to $25.00 and gave the stock an "overweight" rating in a report on Monday. JPMorgan Chase & Co. raised their price target on shares of Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday. BTIG Research reissued a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Cleanspark in a report on Monday. They issued a "buy" rating and a $20.25 price target on the stock. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cleanspark presently has a consensus rating of "Buy" and an average price target of $20.69.

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.