Vident Advisory LLC Decreases Stake in Cleanspark, Inc. $CLSK

Key Points

• Vident Advisory LLC reduced its stake in Cleanspark, Inc. by 8.8%, holding 1,048,131 shares valued at approximately $7.04 million as of the end of the recent quarter.
• The company's stock has performed notably; it has a one-year high of $17.97 and a low of $6.45, with a current price around $9.47.
• Cleanspark reported a significantly better-than-expected quarterly EPS of $0.78, greatly surpassing analyst estimates, and achieved a 90.8% increase in revenue year-over-year.

Vident Advisory LLC lowered its position in shares of Cleanspark, Inc. (NASDAQ:CLSK - Free Report) by 8.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,048,131 shares of the company's stock after selling 101,552 shares during the period. Vident Advisory LLC owned 0.37% of Cleanspark worth $7,043,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CLSK. Vanguard Group Inc. grew its stake in shares of Cleanspark by 22.8% during the first quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock worth $162,259,000 after purchasing an additional 4,489,866 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Cleanspark by 1,018.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company's stock worth $15,538,000 after purchasing an additional 1,536,145 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Cleanspark by 6,449.7% during the first quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company's stock worth $9,327,000 after purchasing an additional 1,366,752 shares in the last quarter. Nuveen LLC acquired a new position in shares of Cleanspark during the first quarter worth $8,109,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Cleanspark by 128.9% during the first quarter. Bank of New York Mellon Corp now owns 1,579,277 shares of the company's stock worth $10,613,000 after purchasing an additional 889,317 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company's stock.

Cleanspark Price Performance

Shares of NASDAQ:CLSK traded down $0.31 on Thursday, reaching $9.13. The company's stock had a trading volume of 6,564,098 shares, compared to its average volume of 24,677,316. The stock's 50-day moving average is $11.01 and its two-hundred day moving average is $9.43. Cleanspark, Inc. has a 52-week low of $6.45 and a 52-week high of $17.97. The stock has a market capitalization of $2.57 billion, a P/E ratio of 10.76 and a beta of 3.65.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.78 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.71. The business had revenue of $198.64 million during 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 was up 90.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.03) earnings per share. Equities analysts forecast that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CLSK has been the subject of several research analyst reports. Cantor Fitzgerald upped their price objective on shares of Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. BTIG Research restated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Wall Street Zen upgraded shares of Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Macquarie upped their price objective on shares of Cleanspark from $18.00 to $20.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Cleanspark in a research note on Monday, July 28th. They issued a "buy" rating and a $20.25 price objective for the company. Ten analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average 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.