Vanguard Group Inc. Acquires 4,489,866 Shares of Cleanspark, Inc. $CLSK

Key Points

• Vanguard Group Inc. has increased its stakes in Cleanspark, Inc. by 22.8% during the first quarter, now owning 24,145,612 shares valued at approximately $162 million.
• Cleanspark reported strong quarterly earnings with an EPS of $0.78, exceeding analysts' estimates, and saw a substantial 90.8% year-over-year revenue increase to $198.64 million.
• The stock has an average target price of $20.47 from various analysts, with multiple firms recently upgrading their ratings and price targets for Cleanspark, indicating strong investor confidence.

Vanguard Group Inc. boosted its holdings in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 22.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,145,612 shares of the company's stock after purchasing an additional 4,489,866 shares during the quarter. Vanguard Group Inc. owned about 8.60% of Cleanspark worth $162,259,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CLSK. CX Institutional bought a new position in Cleanspark during the first quarter valued at $26,000. Russell Investments Group Ltd. increased its position in Cleanspark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after acquiring an additional 2,196 shares during the last quarter. GAMMA Investing LLC increased its position in Cleanspark by 207.8% during the first quarter. GAMMA Investing LLC now owns 12,163 shares of the company's stock valued at $82,000 after acquiring an additional 8,212 shares during the last quarter. Atria Wealth Solutions Inc. bought a new position in Cleanspark during the first quarter valued at $82,000. Finally, Truefg LLC bought a new position in Cleanspark during the first quarter valued at $84,000. Hedge funds and other institutional investors own 43.12% of the company's stock.

Cleanspark Trading Up 2.4%

Shares of NASDAQ CLSK traded up $0.23 during mid-day trading on Tuesday, reaching $9.68. The company had a trading volume of 12,666,999 shares, compared to its average volume of 19,456,618. The business's 50-day moving average is $11.00 and its 200-day moving average is $9.47. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 11.39 and a beta of 3.72. Cleanspark, Inc. has a 52 week low of $6.45 and a 52 week high of $17.97.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.78 EPS for the quarter, topping analysts' consensus estimates 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 business's revenue for the quarter was up 90.8% on a year-over-year basis. During the same period in the prior year, the business posted ($1.03) earnings per share. As a group, equities research analysts forecast that Cleanspark, Inc. will post 0.58 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on CLSK shares. B. Riley boosted their price objective on shares of Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Cantor Fitzgerald boosted their price objective on shares of Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Wall Street Zen upgraded shares of Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Finally, Chardan Capital reiterated a "buy" rating and set a $20.00 price objective on shares of Cleanspark in a research report on Friday, August 8th. Ten investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $20.47.

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.