Principal Financial Group Inc. Reduces Stock Position in Cleanspark, Inc. $CLSK

Principal Financial Group Inc. lessened its position in Cleanspark, Inc. (NASDAQ:CLSK) by 7.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,242,864 shares of the company’s stock after selling 96,645 shares during the period. Principal Financial Group Inc.’s holdings in Cleanspark were worth $10,577,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Cresset Asset Management LLC raised its stake in shares of Cleanspark by 4.9% during the second quarter. Cresset Asset Management LLC now owns 26,924 shares of the company’s stock valued at $297,000 after acquiring an additional 1,248 shares during the last quarter. CreativeOne Wealth LLC grew its stake in shares of Cleanspark by 11.0% in the third quarter. CreativeOne Wealth LLC now owns 16,893 shares of the company’s stock worth $245,000 after purchasing an additional 1,680 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Cleanspark by 1.5% in the third quarter. Franklin Resources Inc. now owns 117,823 shares of the company’s stock worth $1,708,000 after purchasing an additional 1,727 shares during the last quarter. Quarry LP purchased a new position in Cleanspark during the 3rd quarter valued at about $26,000. Finally, Concurrent Investment Advisors LLC increased its holdings in Cleanspark by 17.8% during the 4th quarter. Concurrent Investment Advisors LLC now owns 12,290 shares of the company’s stock valued at $124,000 after purchasing an additional 1,860 shares during the period. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Wall Street Analyst Weigh In

CLSK has been the subject of several research analyst reports. Needham & Company LLC increased their price objective on Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Maxim Group lifted their price objective on Cleanspark from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Keefe, Bruyette & Woods boosted their target price on Cleanspark from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. BTIG Research restated a “buy” rating and set a $26.00 target price on shares of Cleanspark in a report on Tuesday, July 14th. Finally, Weiss Ratings lowered Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.34.

Cleanspark Price Performance

Shares of NASDAQ CLSK opened at $14.52 on Friday. Cleanspark, Inc. has a 1 year low of $8.00 and a 1 year 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 company’s 50-day moving average is $15.44 and its 200 day moving average is $12.59. The stock has a market capitalization of $3.73 billion, a P/E ratio of -6.91 and a beta of 3.83.

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). 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 the consensus estimate of $145.35 million. During the same period in the previous year, the company earned ($0.49) earnings per share. Cleanspark’s quarterly revenue was down 24.9% on a year-over-year basis. On average, sell-side analysts expect that Cleanspark, Inc. will post -1.19 earnings per share 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.