Vanguard Group Inc. Has $162.26 Million Position in 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. increased its stake in Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 22.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,145,612 shares of the company's stock after acquiring an additional 4,489,866 shares during the quarter. Vanguard Group Inc. owned approximately 8.60% of Cleanspark worth $162,259,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Mackenzie Financial Corp boosted its position in shares of Cleanspark by 13.5% during the 4th quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock valued at $147,000 after acquiring an additional 1,898 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Cleanspark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after purchasing an additional 2,196 shares during the period. Freedom Investment Management Inc. increased its stake in Cleanspark by 21.9% during the fourth quarter. Freedom Investment Management Inc. now owns 16,938 shares of the company's stock worth $156,000 after purchasing an additional 3,043 shares during the period. Xponance Inc. increased its stake in shares of Cleanspark by 18.1% during the first quarter. Xponance Inc. now owns 21,137 shares of the company's stock worth $142,000 after buying an additional 3,236 shares during the period. Finally, Tobam increased its stake in shares of Cleanspark by 10.9% during the first quarter. Tobam now owns 36,795 shares of the company's stock worth $247,000 after buying an additional 3,624 shares during the period. Institutional investors and hedge funds own 43.12% of the company's stock.

Cleanspark Trading Down 2.8%

CLSK stock traded down $0.2750 during trading hours on Monday, hitting $9.5450. 11,280,613 shares of the stock traded hands, compared to its average volume of 25,053,604. The stock has a 50-day simple moving average of $10.99 and a 200 day simple moving average of $9.48. Cleanspark, Inc. has a one year low of $6.45 and a one year high of $17.97. The company has a market cap of $2.68 billion, a P/E ratio of 11.25 and a beta of 3.72.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CLSK shares. JPMorgan Chase & Co. increased their price objective on Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Wall Street Zen raised Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Macquarie raised their price target on Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 price objective on shares of Cleanspark in a research note on Friday, August 8th. Finally, B. Riley lifted their price objective on Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Ten research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $20.47.

Cleanspark 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.