Janney Montgomery Scott LLC Raises Stake in Cleanspark, Inc. $CLSK

Janney Montgomery Scott LLC grew its stake in Cleanspark, Inc. (NASDAQ:CLSK) by 66.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 149,471 shares of the company’s stock after acquiring an additional 59,830 shares during the quarter. Janney Montgomery Scott LLC owned about 0.06% of Cleanspark worth $1,272,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Danske Bank A S purchased a new stake in shares of Cleanspark in the fourth quarter valued at about $25,000. Quarry LP purchased a new position in Cleanspark during the third quarter worth about $26,000. Morse Asset Management Inc purchased a new position in Cleanspark during the third quarter worth about $32,000. Strs Ohio acquired a new position in Cleanspark in the 1st quarter valued at about $38,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in Cleanspark by 5,081.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company’s stock valued at $44,000 after purchasing an additional 2,947 shares during the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Cleanspark Trading Down 0.3%

CLSK stock traded down $0.04 during mid-day trading on Friday, hitting $12.85. 13,290,890 shares of the company were exchanged, compared to its average volume of 16,920,206. The company has a quick ratio of 8.26, a current ratio of 8.26 and a debt-to-equity ratio of 1.81. The firm has a market capitalization of $3.30 billion, a P/E ratio of -6.12 and a beta of 3.83. The business has a fifty day simple moving average of $15.35 and a 200-day simple moving average of $12.37. Cleanspark, Inc. has a 12-month low of $8.00 and a 12-month high of $23.61.

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 negative net margin of 67.66% and a positive return on equity of 7.07%. The company had revenue of $136.41 million during the quarter, compared to analysts’ expectations of $145.35 million. During the same period last year, the firm posted ($0.49) earnings per share. Cleanspark’s revenue was down 24.9% on a year-over-year basis. On average, equities research analysts predict that Cleanspark, Inc. will post -1.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on CLSK shares. BTIG Research restated a “buy” rating and set a $26.00 price target on shares of Cleanspark in a report on Tuesday, May 12th. Maxim Group upped their price objective on Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Citigroup started coverage on Cleanspark in a research report on Wednesday, June 24th. They issued an “outperform” rating for the company. Cantor Fitzgerald cut their target price on Cleanspark from $17.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Finally, Zacks Research cut Cleanspark from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $21.12.

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.