Redwood Wealth Management Group LLC Cuts Holdings in CleanSpark, Inc. (NASDAQ:CLSK)

Redwood Wealth Management Group LLC cut its position in shares of CleanSpark, Inc. (NASDAQ:CLSK) by 4.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,345 shares of the company’s stock after selling 1,100 shares during the quarter. Redwood Wealth Management Group LLC’s holdings in CleanSpark were worth $243,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Archer Investment Management LLC purchased a new position in CleanSpark during the fourth quarter worth about $122,000. R Squared Ltd purchased a new position in CleanSpark during the fourth quarter worth about $101,000. KBC Group NV boosted its holdings in CleanSpark by 36.5% during the fourth quarter. KBC Group NV now owns 10,103 shares of the company’s stock worth $93,000 after purchasing an additional 2,700 shares during the last quarter. Archford Capital Strategies LLC purchased a new position in CleanSpark during the fourth quarter worth about $184,000. Finally, Exchange Traded Concepts LLC boosted its holdings in CleanSpark by 25.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 714,249 shares of the company’s stock worth $6,578,000 after purchasing an additional 146,163 shares during the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CLSK has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Tuesday, January 28th. JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. Keefe, Bruyette & Woods initiated coverage on shares of CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective on the stock. Finally, Macquarie lifted their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $22.57.

CleanSpark Stock Up 2.4 %

NASDAQ CLSK opened at $10.84 on Wednesday. The company’s 50 day moving average is $11.47 and its 200-day moving average is $11.65. CleanSpark, Inc. has a 12-month low of $7.64 and a 12-month high of $24.72. The firm has a market cap of $3.04 billion, a P/E ratio of -18.69 and a beta of 4.25.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings results on Monday, December 2nd. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.02). CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%. Equities analysts expect that CleanSpark, Inc. will post 0.18 EPS for the current year.

CleanSpark Profile

CleanSpark, Inc operates as a bitcoin miner in the Americas. It owns and operates data centers that primarily run on low-carbon power. Its infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. The company was formerly known as Stratean Inc and changed its name to CleanSpark, Inc in November 2016.