Harvest Portfolios Group Inc. Lowers Stake in Cleanspark, Inc. $CLSK

Harvest Portfolios Group Inc. lessened its stake in Cleanspark, Inc. (NASDAQ:CLSK) by 33.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 156,359 shares of the company’s stock after selling 78,290 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Cleanspark were worth $1,582,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CLSK. Integrated Wealth Concepts LLC purchased a new position in shares of Cleanspark in the first quarter worth $68,000. Caxton Associates LLP purchased a new position in shares of Cleanspark in the first quarter worth $169,000. United Services Automobile Association purchased a new position in shares of Cleanspark in the first quarter worth $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Cleanspark by 16.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock worth $4,025,000 after buying an additional 86,229 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of Cleanspark in the first quarter worth $38,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Cleanspark Price Performance

Cleanspark stock opened at $15.40 on Thursday. The company has a market cap of $3.95 billion, a price-to-earnings ratio of -7.33 and a beta of 3.71. The firm’s fifty day moving average is $11.20 and its 200 day moving average is $11.72. The company has a quick ratio of 8.26, a current ratio of 8.26 and a debt-to-equity ratio of 1.81. Cleanspark, Inc. has a 52-week low of $8.00 and a 52-week high of $23.61.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings results on Monday, May 11th. The company reported ($1.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($1.27). The business had revenue of $136.41 million for the quarter, compared to analysts’ expectations of $145.36 million. Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. Cleanspark’s revenue for the quarter was down 24.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.49) EPS. Sell-side analysts forecast that Cleanspark, Inc. will post -1.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Cantor Fitzgerald lowered their target price on shares of Cleanspark from $17.00 to $14.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. BTIG Research reissued a “buy” rating and issued a $26.00 target price on shares of Cleanspark in a report on Tuesday, May 12th. Needham & Company LLC boosted their target price on shares of Cleanspark from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, May 4th. B. Riley Financial lowered their target price on shares of Cleanspark from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Wednesday, February 11th. Finally, Chardan Capital reissued a “buy” rating and issued a $16.00 target price on shares of Cleanspark in a report on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.44.

Cleanspark Company Profile

CleanSpark, Inc (NASDAQ: CLSK) is a leading energy software and services company specializing in advanced microgrid controls and distributed energy resource (DER) management. The firm develops proprietary software platforms designed to optimize power flows across on-grid and off-grid installations, integrating renewable generation, battery storage, and traditional generation assets. CleanSpark’s technology is used by utilities, commercial and industrial enterprises, and remote facilities seeking to enhance energy resilience, reduce operating costs, and achieve sustainability goals.

In addition to its core software offerings, CleanSpark provides end-to-end engineering, procurement and construction (EPC) services.