FirstWave Capital Management LLC Takes Position in Cleanspark, Inc. $CLSK

FirstWave Capital Management LLC bought a new position in shares of Cleanspark, Inc. (NASDAQ:CLSK) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 74,622 shares of the company’s stock, valued at approximately $1,086,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC acquired a new position in Cleanspark in the first quarter valued at approximately $68,000. Caxton Associates LLP acquired a new stake in Cleanspark during the first quarter worth approximately $169,000. United Services Automobile Association purchased a new stake in shares of Cleanspark during the 1st quarter worth approximately $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Cleanspark by 16.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock worth $4,025,000 after buying an additional 86,229 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of Cleanspark in the 1st quarter valued at $38,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Cleanspark Price Performance

Shares of CLSK opened at $12.69 on Friday. Cleanspark, Inc. has a fifty-two week low of $8.00 and a fifty-two week high of $23.61. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of -3.37 and a beta of 3.84. The firm has a 50-day simple moving average of $12.98 and a 200-day simple moving average of $12.74. The company has a debt-to-equity ratio of 2.34, a quick ratio of 2.11 and a current ratio of 5.91.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.42). The company had revenue of $138.01 million during the quarter, compared to analyst estimates of $142.37 million. Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The business’s revenue was down 30.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS. On average, equities research analysts anticipate that Cleanspark, Inc. will post -1.4 earnings per share for the current year.

Analysts Set New Price Targets

CLSK has been the topic of several research analyst reports. Needham & Company LLC lifted their price target on shares of Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Maxim Group upped their price objective on shares of Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. B. Riley Financial lifted their target price on Cleanspark from $19.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods boosted their target price on Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday, July 28th. Finally, Citizens Jmp initiated coverage on Cleanspark in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.88.

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.