Principal Financial Group Inc. Buys 1,366,752 Shares of Cleanspark, Inc. (NASDAQ:CLSK)

Principal Financial Group Inc. increased its stake in shares of Cleanspark, Inc. (NASDAQ:CLSK) by 6,449.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,387,943 shares of the company’s stock after acquiring an additional 1,366,752 shares during the quarter. Principal Financial Group Inc. owned about 0.49% of Cleanspark worth $9,327,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. CX Institutional bought a new position in Cleanspark during the first quarter valued at $26,000. Russell Investments Group Ltd. lifted 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 purchasing an additional 2,196 shares during the last quarter. GAMMA Investing LLC lifted 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 purchasing an additional 8,212 shares during the last quarter. Truefg LLC bought a new position in Cleanspark during the first quarter valued at $84,000. Finally, KBC Group NV lifted its position in Cleanspark by 39.4% during the first quarter. KBC Group NV now owns 14,086 shares of the company’s stock valued at $95,000 after purchasing an additional 3,983 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

Insider Buying and Selling

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the firm’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 transaction, the director owned 125,511 shares of the company’s stock, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.65% of the company’s stock.

Wall Street Analysts Forecast Growth

CLSK has been the subject of several research reports. Chardan Capital reiterated a “buy” rating and set a $20.00 price objective on shares of Cleanspark in a research report on Tuesday, July 8th. JPMorgan Chase & Co. increased their price objective on shares of Cleanspark from $12.00 to $14.00 and gave the company an “overweight” rating in a research report on Friday, June 13th. BTIG Research reissued a “buy” rating on shares of Cleanspark in a research note on Friday, June 13th. Finally, B. Riley assumed coverage on shares of Cleanspark in a research note on Tuesday, July 1st. They issued a “buy” rating and a $16.00 target price on the stock. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $20.38.

Cleanspark Price Performance

CLSK stock opened at $12.60 on Tuesday. The company has a market capitalization of $3.54 billion, a PE ratio of -13.12 and a beta of 4.23. Cleanspark, Inc. has a 12 month low of $6.45 and a 12 month high of $20.49. The firm’s 50-day moving average is $9.95 and its 200 day moving average is $9.37.

Cleanspark (NASDAQ:CLSK) last posted its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). The business had revenue of $181.71 million for the quarter, compared to analysts’ expectations 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 last year, the business posted $0.59 EPS. Sell-side analysts forecast that Cleanspark, Inc. will post 0.58 EPS for the current fiscal year.

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.