Shariaportfolio Inc. Reduces Stake in Cleanspark, Inc. $CLSK

Shariaportfolio Inc. cut its holdings in shares of Cleanspark, Inc. (NASDAQ:CLSK) by 20.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 689,486 shares of the company’s stock after selling 171,947 shares during the period. Cleanspark accounts for 3.3% of Shariaportfolio Inc.’s holdings, making the stock its 9th biggest holding. Shariaportfolio Inc. owned about 0.25% of Cleanspark worth $7,605,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CX Institutional bought a new position in shares of Cleanspark during the first quarter valued at approximately $26,000. Fifth Third Bancorp boosted its stake in shares of Cleanspark by 145.3% during the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock valued at $32,000 after purchasing an additional 1,694 shares in the last quarter. Strs Ohio bought a new position in shares of Cleanspark during the first quarter valued at approximately $38,000. Quarry LP purchased a new stake in Cleanspark during the first quarter valued at approximately $47,000. Finally, Russell Investments Group Ltd. lifted its position in Cleanspark by 47.6% during the first quarter. Russell Investments Group Ltd. now owns 8,647 shares of the company’s stock valued at $58,000 after acquiring an additional 2,788 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors.

Insider Activity

In related news, COO Taylor Monnig sold 63,713 shares of the firm’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total transaction of $581,062.56. Following the completion of the transaction, the chief operating officer owned 120,337 shares of the company’s stock, valued at $1,097,473.44. This trade represents a 34.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.65% of the stock is currently owned by company insiders.

Cleanspark Trading Up 3.0%

NASDAQ CLSK opened at $17.96 on Wednesday. The company has a fifty day simple moving average of $11.34 and a two-hundred day simple moving average of $10.17. The stock has a market cap of $5.05 billion, a P/E ratio of 21.13 and a beta of 3.88. Cleanspark, Inc. has a 12-month low of $6.45 and a 12-month high of $18.87.

Cleanspark (NASDAQ:CLSK) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.71. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The business had revenue of $198.64 million during the quarter, compared to analysts’ expectations of $191.33 million. During the same quarter last year, the company posted ($1.03) earnings per share. The business’s quarterly revenue was up 90.8% on a year-over-year basis. As a group, sell-side analysts forecast that Cleanspark, Inc. will post 0.58 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently commented on CLSK. Macquarie increased their target price on shares of Cleanspark from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $14.00 target price (down previously from $15.00) on shares of Cleanspark in a research report on Friday, September 26th. B. Riley increased their target price on shares of Cleanspark from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Cleanspark in a research report on Saturday, September 27th. Finally, LADENBURG THALM/SH SH began coverage on shares of Cleanspark in a research report on Monday, July 28th. They set a “buy” rating and a $20.25 target price for the company. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.14.

Cleanspark Profile

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.