SG Americas Securities LLC Sells 624,969 Shares of Cleanspark, Inc. $CLSK

SG Americas Securities LLC cut its stake in shares of Cleanspark, Inc. (NASDAQ:CLSK) by 55.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 503,288 shares of the company’s stock after selling 624,969 shares during the quarter. SG Americas Securities LLC’s holdings in Cleanspark were worth $4,283,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Integrated Wealth Concepts LLC purchased a new position in shares of Cleanspark in the 1st quarter worth $68,000. Caxton Associates LLP purchased a new stake in Cleanspark during the first quarter valued at $169,000. United Services Automobile Association bought a new position in Cleanspark in the first quarter valued at about $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in 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 valued at $4,025,000 after acquiring an additional 86,229 shares during the period. Finally, Strs Ohio purchased a new position in Cleanspark in the first quarter worth about $38,000. 43.12% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Weiss Ratings downgraded Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research note on Friday, May 22nd. Citigroup began coverage on shares of Cleanspark in a report on Wednesday, June 24th. They issued an “outperform” rating on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Cleanspark from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. BTIG Research restated a “buy” rating and set a $26.00 target price on shares of Cleanspark in a research report on Tuesday, May 12th. Finally, Cantor Fitzgerald reduced their target price on shares of Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.12.

Cleanspark Stock Performance

NASDAQ:CLSK opened at $15.37 on Tuesday. The stock has a 50-day simple moving average of $15.16 and a two-hundred day simple moving average of $12.35. Cleanspark, Inc. has a 52-week low of $8.00 and a 52-week high of $23.61. The company has a debt-to-equity ratio of 1.81, a quick ratio of 8.26 and a current ratio of 8.26. The firm has a market capitalization of $3.94 billion, a PE ratio of -7.32 and a beta of 3.79.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings results on Monday, May 11th. The company reported ($1.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($1.27). Cleanspark had a positive return on equity of 7.07% and a negative net margin of 67.66%.The company had revenue of $136.41 million during the quarter, compared to analysts’ expectations of $145.35 million. During the same quarter in the previous year, the company earned ($0.49) EPS. The business’s quarterly revenue was down 24.9% compared to the same quarter last year. Analysts forecast that Cleanspark, Inc. will post -1.19 EPS for the current year.

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.