Tobam Sells 33,268 Shares of Cleanspark, Inc. $CLSK

Tobam lessened its position in shares of Cleanspark, Inc. (NASDAQ:CLSK) by 49.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 33,783 shares of the company’s stock after selling 33,268 shares during the quarter. Tobam’s holdings in Cleanspark were worth $342,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CLSK. PNC Financial Services Group Inc. lifted its position in shares of Cleanspark by 4.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 20,096 shares of the company’s stock worth $291,000 after purchasing an additional 781 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Cleanspark by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,838 shares of the company’s stock worth $375,000 after buying an additional 873 shares during the period. CI Investments Inc. raised its stake in Cleanspark by 6.9% during the third quarter. CI Investments Inc. now owns 15,437 shares of the company’s stock worth $224,000 after buying an additional 997 shares during the last quarter. FNY Investment Advisers LLC raised its stake in Cleanspark by 14.6% during the third quarter. FNY Investment Advisers LLC now owns 9,595 shares of the company’s stock worth $139,000 after buying an additional 1,219 shares during the last quarter. Finally, Cresset Asset Management LLC lifted its holdings in Cleanspark by 4.9% in the second quarter. Cresset Asset Management LLC now owns 26,924 shares of the company’s stock valued at $297,000 after buying an additional 1,248 shares during the period. Institutional investors own 43.12% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Needham & Company LLC upped their price target on shares of Cleanspark from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Zacks Research lowered Cleanspark from a “hold” rating to a “strong sell” rating in a research report on Monday, May 11th. Chardan Capital upped their target price on Cleanspark from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Monday, June 8th. BTIG Research reaffirmed a “buy” rating and set a $26.00 target price on shares of Cleanspark in a research note on Tuesday, May 12th. Finally, Cantor Fitzgerald lowered their target price on Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Cleanspark has a consensus rating of “Moderate Buy” and an average target price of $20.67.

Cleanspark Stock Performance

CLSK opened at $17.24 on Friday. Cleanspark, Inc. has a fifty-two week low of $8.00 and a fifty-two week high of $23.61. The firm has a market capitalization of $4.42 billion, a PE ratio of -8.21 and a beta of 3.79. 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 company’s 50-day moving average is $14.50 and its 200 day moving average is $12.27.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings results on Monday, May 11th. The company reported ($1.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($1.27). The company had revenue of $136.41 million for the quarter, compared to analyst estimates of $145.35 million. Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. Cleanspark’s revenue for the quarter was down 24.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.49) EPS. As a group, research analysts predict that Cleanspark, Inc. will post -1.19 earnings per share for the current fiscal year.

Cleanspark Profile

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.