Principal Financial Group Inc. Lowers Stake in Cleanspark, Inc. $CLSK

Principal Financial Group Inc. reduced its stake in shares of Cleanspark, Inc. (NASDAQ:CLSK) by 7.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,242,864 shares of the company’s stock after selling 96,645 shares during the period. Principal Financial Group Inc. owned approximately 0.49% of Cleanspark worth $10,577,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CLSK. Integrated Wealth Concepts LLC purchased a new stake in Cleanspark during the first quarter valued at about $68,000. Caxton Associates LLP purchased a new position in shares of Cleanspark in the 1st quarter worth about $169,000. United Services Automobile Association purchased a new position in shares of Cleanspark in the 1st quarter worth about $125,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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 valued at $4,025,000 after purchasing an additional 86,229 shares during the last quarter. Finally, Strs Ohio purchased a new position in shares of Cleanspark during the 1st quarter valued at about $38,000. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

Cleanspark Trading Down 7.0%

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 current ratio of 8.26, a quick ratio of 8.26 and a debt-to-equity ratio of 1.81. The stock has a 50-day moving average of $15.44 and a 200-day moving average of $12.59. The firm has a market cap of $3.73 billion, a PE ratio of -6.91 and a beta of 3.83.

Cleanspark (NASDAQ:CLSK) last issued its earnings results on Monday, May 11th. The company reported ($1.52) earnings per share 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 analysts’ expectations of $145.35 million. Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. The company’s revenue was down 24.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.49) earnings per share. As a group, sell-side analysts forecast that Cleanspark, Inc. will post -1.19 EPS for the current year.

Analyst Upgrades and Downgrades

CLSK has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their target price on Cleanspark from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Needham & Company LLC increased their price target on shares of Cleanspark from $18.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Citizens Jmp started coverage on shares of Cleanspark in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $27.00 price target on the stock. Zacks Research upgraded shares of Cleanspark from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Cleanspark in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.34.

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.