Geode Capital Management LLC Decreases Stock Holdings in Cleanspark, Inc. $CLSK

Geode Capital Management LLC reduced its position in shares of Cleanspark, Inc. (NASDAQ:CLSK) by 1.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,410,980 shares of the company’s stock after selling 78,161 shares during the period. Geode Capital Management LLC owned about 2.90% of Cleanspark worth $75,010,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Hantz Financial Services Inc. lifted its position in shares of Cleanspark by 115.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after purchasing an additional 937 shares during the last quarter. Danske Bank A S purchased a new stake in shares of Cleanspark during the 4th quarter worth $25,000. Quarry LP purchased a new stake in shares of Cleanspark during the 3rd quarter worth $26,000. Morse Asset Management Inc purchased a new stake in shares of Cleanspark during the 3rd quarter worth $32,000. Finally, Strs Ohio purchased a new stake in shares of Cleanspark during the 1st quarter worth $38,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

Cleanspark Price Performance

Shares of NASDAQ:CLSK opened at $16.52 on Tuesday. The company’s fifty day moving average price is $13.10 and its 200 day moving average price is $11.98. Cleanspark, Inc. has a 12 month low of $8.00 and a 12 month high of $23.61. The company has a debt-to-equity ratio of 1.81, a current ratio of 8.26 and a quick ratio of 8.26. The firm has a market capitalization of $4.24 billion, a P/E ratio of -7.87 and a beta of 3.79.

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

Analysts Set New Price Targets

Several equities research analysts recently commented on CLSK shares. Zacks Research lowered shares of Cleanspark from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. B. Riley Financial cut their price target on shares of Cleanspark from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. Chardan Capital lifted their price target on shares of Cleanspark from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday. Maxim Group lifted their price target on shares of Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Finally, Needham & Company LLC lifted their price target on shares of Cleanspark from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.67.

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.