VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Cleanspark, Inc. $CLSK

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Cleanspark, Inc. (NASDAQ:CLSK) during the second quarter, HoldingsChannel reports. The firm acquired 40,500 shares of the company’s stock, valued at approximately $589,000.

Several other large investors also recently made changes to their positions in the stock. Situational Awareness LP increased its holdings in shares of Cleanspark by 648.4% in the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock valued at $104,470,000 after purchasing an additional 10,635,739 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Cleanspark by 81.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock worth $120,007,000 after buying an additional 6,323,715 shares during the last quarter. California State Teachers Retirement System lifted its stake in shares of Cleanspark by 1,290.7% during the 2nd quarter. California State Teachers Retirement System now owns 4,181,583 shares of the company’s stock worth $60,842,000 after buying an additional 3,880,895 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Cleanspark by 49.2% during the 1st quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock worth $21,928,000 after buying an additional 849,865 shares during the period. Finally, Intrinsic Edge Capital Management LLC boosted its holdings in shares of Cleanspark by 617.3% during the 1st quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company’s stock worth $7,614,000 after buying an additional 770,000 shares during the period. Institutional investors and hedge funds own 43.12% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on CLSK shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $26.00 price objective on shares of Cleanspark in a research note on Friday, August 7th. Chardan Capital reaffirmed a “buy” rating and set a $21.00 target price on shares of Cleanspark in a report on Monday, August 10th. BTIG Research reiterated a “buy” rating and issued a $26.00 price target on shares of Cleanspark in a research report on Tuesday, July 14th. Needham & Company LLC boosted their price target on Cleanspark from $18.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Finally, Citigroup assumed coverage on Cleanspark in a research report on Wednesday, June 24th. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $23.88.

Cleanspark Stock Down 2.9%

CLSK stock opened at $13.27 on Tuesday. Cleanspark, Inc. has a 52 week low of $8.00 and a 52 week high of $23.61. The business has a 50-day simple moving average of $12.92 and a 200 day simple moving average of $12.91. The company has a quick ratio of 2.11, a current ratio of 5.91 and a debt-to-equity ratio of 2.34. The company has a market cap of $3.41 billion, a PE ratio of -3.52 and a beta of 3.84.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) earnings per share (EPS) 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 analyst estimates of $142.37 million. During the same quarter in the previous year, the company earned $0.90 earnings per share. The company’s quarterly revenue was down 30.5% on a year-over-year basis. Sell-side analysts anticipate that Cleanspark, Inc. will post -1.4 EPS for the current fiscal year.

Insider Buying and Selling at Cleanspark

In other news, COO Taylor Monnig sold 25,249 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $13.34, for a total transaction of $336,821.66. Following the completion of the sale, the chief operating officer owned 236,114 shares of the company’s stock, valued at approximately $3,149,760.76. This represents a 9.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 29,816 shares of company stock worth $394,352. Corporate insiders own 2.08% of the company’s stock.

Cleanspark Profile

CleanSpark, Inc (NASDAQ: CLSK) is a bitcoin mining and energy technology company headquartered in Henderson, Nevada. The company owns and operates data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin rewards.

CleanSpark focuses on developing and expanding mining infrastructure, with operations in the United States, including facilities in Georgia, Mississippi, Tennessee and Wyoming. Its activities include acquiring and deploying mining equipment, managing data-center operations and securing reliable, cost-effective power for its facilities.

The company historically developed software and energy-management solutions before shifting its primary focus toward bitcoin mining.