Xponance Inc. Increases Holdings in Cleanspark, Inc. (NASDAQ:CLSK)

Xponance Inc. increased its position in Cleanspark, Inc. (NASDAQ:CLSK) by 18.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,137 shares of the company’s stock after buying an additional 3,236 shares during the period. Xponance Inc.’s holdings in Cleanspark were worth $142,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its holdings in Cleanspark by 1,018.1% during the 4th 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 during the period. Jump Financial LLC purchased a new position in shares of Cleanspark during the 4th quarter valued at about $13,443,000. Principal Financial Group Inc. raised its stake in shares of Cleanspark by 6,449.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company’s stock valued at $9,327,000 after buying an additional 1,366,752 shares during the last quarter. Shaolin Capital Management LLC purchased a new position in shares of Cleanspark in the 4th quarter valued at about $8,559,000. Finally, Invesco Ltd. increased its stake in shares of Cleanspark by 44.2% in the 4th quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock valued at $27,486,000 after purchasing an additional 914,279 shares in the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on the company. B. Riley began coverage on Cleanspark in a report on Tuesday, July 1st. They issued a “buy” rating and a $16.00 price objective on the stock. BTIG Research reissued a “buy” rating on shares of Cleanspark in a report on Friday, June 13th. Chardan Capital reissued a “buy” rating and issued a $20.00 target price on shares of Cleanspark in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. raised their price objective on Cleanspark from $12.00 to $14.00 and gave the stock an “overweight” rating in a report on Friday, June 13th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $20.38.

Insiders Place Their Bets

In other news, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction that occurred 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 sale, the director directly owned 125,511 shares of the company’s stock, valued at $1,319,120.61. This represents 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 through this link. Corporate insiders own 2.65% of the company’s stock.

Cleanspark Stock Down 1.5%

NASDAQ:CLSK opened at $12.78 on Monday. Cleanspark, Inc. has a 1-year low of $6.45 and a 1-year high of $19.04. The firm has a market capitalization of $3.59 billion, a price-to-earnings ratio of -13.31 and a beta of 4.23. The stock has a fifty day simple moving average of $10.37 and a 200 day simple moving average of $9.48.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The business had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. During the same period in the previous year, the firm posted $0.59 EPS. The firm’s revenue for the quarter was up 62.5% on a year-over-year basis. Equities analysts predict that Cleanspark, Inc. will post 0.58 earnings per share for the current 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.