FirstWave Capital Management LLC Makes New $1.09 Million Investment in Cleanspark, Inc. $CLSK

FirstWave Capital Management LLC acquired a new position in shares of Cleanspark, Inc. (NASDAQ:CLSK) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 74,622 shares of the company’s stock, valued at approximately $1,086,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Danske Bank A S acquired a new position in Cleanspark in the fourth quarter valued at about $25,000. Quarry LP purchased a new position in shares of Cleanspark during the 3rd quarter worth approximately $26,000. Morse Asset Management Inc acquired a new stake in Cleanspark in the 3rd quarter valued at approximately $32,000. Strs Ohio purchased a new stake in Cleanspark in the first quarter valued at approximately $38,000. Finally, CIBC Private Wealth Group LLC lifted its stake in Cleanspark by 5,081.0% during the third quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company’s stock worth $44,000 after purchasing an additional 2,947 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

Cleanspark Stock Performance

Shares of CLSK opened at $12.69 on Friday. Cleanspark, Inc. has a 1 year low of $8.00 and a 1 year high of $23.61. The stock has a market capitalization of $3.26 billion, a PE ratio of -3.37 and a beta of 3.84. The company has a debt-to-equity ratio of 2.34, a quick ratio of 2.11 and a current ratio of 5.91. The stock has a 50-day simple moving average of $12.98 and a 200-day simple moving average of $12.74.

Cleanspark (NASDAQ:CLSK) last released its earnings results on Thursday, August 6th. The company reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.The firm had revenue of $138.01 million for the quarter, compared to analysts’ expectations of $142.37 million. During the same quarter in the previous year, the company posted $0.90 earnings per share. The firm’s quarterly revenue was down 30.5% on a year-over-year basis. On average, analysts predict that Cleanspark, Inc. will post -1.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday, July 28th. B. Riley Financial lifted their target price on Cleanspark from $19.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Zacks Research upgraded shares of Cleanspark from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. Citizens Jmp initiated coverage on shares of Cleanspark in a research note on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 price objective for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $26.00 target price on shares of Cleanspark in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.88.

About Cleanspark

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.