1832 Asset Management L.P. Takes $137,000 Position in CleanSpark, Inc. (NASDAQ:CLSK)

1832 Asset Management L.P. purchased a new position in CleanSpark, Inc. (NASDAQ:CLSK) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 8,600 shares of the company’s stock, valued at approximately $137,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in CleanSpark by 58.5% in the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after purchasing an additional 4,706,738 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of CleanSpark by 21.5% during the 2nd quarter. Van ECK Associates Corp now owns 969,896 shares of the company’s stock valued at $15,470,000 after buying an additional 171,627 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of CleanSpark by 32.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after buying an additional 215,124 shares in the last quarter. Shariaportfolio Inc. increased its holdings in CleanSpark by 4.6% in the second quarter. Shariaportfolio Inc. now owns 653,304 shares of the company’s stock worth $10,421,000 after buying an additional 28,767 shares during the last quarter. Finally, Swiss National Bank raised its position in CleanSpark by 21.3% during the first quarter. Swiss National Bank now owns 364,800 shares of the company’s stock valued at $7,737,000 after acquiring an additional 64,000 shares in the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now owns 137,050 shares of the company’s stock, valued at $1,266,342. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 24,922 shares of company stock valued at $242,780. 3.46% of the stock is owned by company insiders.

Analysts Set New Price Targets

CLSK has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their target price on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research report on Friday, August 23rd. Macquarie began coverage on shares of CleanSpark in a report on Wednesday. They issued an “outperform” rating and a $20.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research report on Tuesday, September 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research report on Wednesday. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.11.

CleanSpark Stock Performance

CLSK stock opened at $10.09 on Friday. The company has a 50-day moving average of $11.73 and a two-hundred day moving average of $15.32. CleanSpark, Inc. has a 52-week low of $3.38 and a 52-week high of $24.72.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Friday, August 9th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.03). The business had revenue of $104.11 million for the quarter, compared to the consensus estimate of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. Equities analysts anticipate that CleanSpark, Inc. will post -0.06 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.