Thoroughbred Financial Services LLC Acquires 29,525 Shares of Cleanspark, Inc. (NASDAQ:CLSK)

Key Points

• Thoroughbred Financial Services LLC increased its stake in Cleanspark, Inc. by 166.8% during the 1st quarter, acquiring 29,525 shares to reach a total of 47,230 shares valued at approximately $317,000.
• Cleanspark reported earnings of $0.78 EPS, significantly exceeding analysts' expectations of $0.07 and demonstrating a 90.8% year-over-year revenue growth with total revenue of $198.64 million.
• Multiple institutional investors have increased their investments in Cleanspark, with DZ BANK AG boosting its holdings by 68.6% and Algert Global LLC by 284.1% in the fourth quarter.

Thoroughbred Financial Services LLC increased its holdings in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 166.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,230 shares of the company's stock after acquiring an additional 29,525 shares during the quarter. Thoroughbred Financial Services LLC's holdings in Cleanspark were worth $317,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. R Squared Ltd boosted its holdings in Cleanspark by 33.2% in the 1st quarter. R Squared Ltd now owns 14,640 shares of the company's stock valued at $98,000 after purchasing an additional 3,650 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Cleanspark by 802.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 16,289 shares of the company's stock worth $109,000 after buying an additional 14,484 shares during the period. US Bancorp DE increased its stake in Cleanspark by 2,579.9% during the 1st quarter. US Bancorp DE now owns 25,298 shares of the company's stock worth $170,000 after buying an additional 24,354 shares during the period. Maridea Wealth Management LLC increased its stake in Cleanspark by 70.4% during the 1st quarter. Maridea Wealth Management LLC now owns 298,593 shares of the company's stock worth $2,007,000 after buying an additional 123,343 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Cleanspark by 19.4% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 60,472 shares of the company's stock worth $406,000 after buying an additional 9,812 shares during the period. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Cleanspark Stock Up 2.9%

Shares of NASDAQ CLSK traded up $0.29 during trading on Tuesday, reaching $10.16. 9,858,378 shares of the stock were exchanged, compared to its average volume of 25,454,375. The business's 50-day moving average price is $10.98 and its 200 day moving average price is $9.53. Cleanspark, Inc. has a twelve month low of $6.45 and a twelve month high of $17.97. The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 11.97 and a beta of 3.72.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.71. The firm had revenue of $198.64 million for the quarter, compared to analysts' expectations of $191.33 million. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The firm's quarterly revenue was up 90.8% on a year-over-year basis. During the same period in the prior year, the company posted ($1.03) earnings per share. As a group, sell-side analysts expect that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the completion of the sale, the director owned 125,511 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available at this link. 2.65% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CLSK shares. Chardan Capital reissued a "buy" rating and issued a $20.00 price objective on shares of Cleanspark in a research report on Friday. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. B. Riley reiterated a "buy" rating and issued a $17.00 price objective (up previously from $16.00) on shares of Cleanspark in a research note on Friday. JPMorgan Chase & Co. raised their price objective on shares of Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Finally, LADENBURG THALM/SH SH began coverage on shares of Cleanspark in a report on Monday, July 28th. They set a "buy" rating and a $20.25 target price for the company. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $20.47.

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.