Shares of CleanSpark, Inc. (NASDAQ:CLSK – Get Free Report) shot up 0.9% on Monday . The company traded as high as $17.82 and last traded at $17.59. 13,746,779 shares were traded during mid-day trading, a decline of 61% from the average session volume of 35,215,211 shares. The stock had previously closed at $17.43.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on CLSK. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $8.00 price objective (down from $9.00) on shares of CleanSpark in a report on Friday, December 8th. BTIG Research raised their target price on CleanSpark from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Monday, December 11th. Chardan Capital raised their target price on CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, March 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of CleanSpark in a research report on Friday, December 1st. Finally, TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $14.72.
CleanSpark Stock Performance
The stock has a 50-day moving average of $12.93 and a 200 day moving average of $8.47.
CleanSpark (NASDAQ:CLSK – Get Free Report) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.26. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. The firm had revenue of $73.79 million for the quarter, compared to the consensus estimate of $66.06 million. As a group, analysts forecast that CleanSpark, Inc. will post -0.42 EPS for the current year.
Insiders Place Their Bets
In other news, CFO Gary Anthony Vecchiarelli sold 26,244 shares of CleanSpark stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $20.93, for a total value of $549,286.92. Following the completion of the sale, the chief financial officer now directly owns 554,391 shares of the company’s stock, valued at $11,603,403.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other CleanSpark news, CFO Gary Anthony Vecchiarelli sold 26,244 shares of CleanSpark stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $20.93, for a total transaction of $549,286.92. Following the completion of the sale, the chief financial officer now directly owns 554,391 shares of the company’s stock, valued at approximately $11,603,403.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Roger Paul Beynon sold 10,976 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total value of $195,921.60. Following the completion of the sale, the director now directly owns 141,381 shares of the company’s stock, valued at $2,523,650.85. The disclosure for this sale can be found here. Insiders sold a total of 359,620 shares of company stock valued at $7,499,489 over the last quarter. 3.46% of the stock is owned by insiders.
Institutional Trading of CleanSpark
Several institutional investors and hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. increased its position in CleanSpark by 60.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company’s stock valued at $25,000 after acquiring an additional 2,150 shares during the period. Barclays PLC lifted its stake in shares of CleanSpark by 533.2% during the 4th quarter. Barclays PLC now owns 12,253 shares of the company’s stock worth $25,000 after purchasing an additional 10,318 shares during the period. State of Wyoming purchased a new position in shares of CleanSpark during the 2nd quarter worth $27,000. Lazard Asset Management LLC lifted its stake in shares of CleanSpark by 3,177.3% during the 3rd quarter. Lazard Asset Management LLC now owns 7,931 shares of the company’s stock worth $29,000 after purchasing an additional 7,689 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of CleanSpark during the 3rd quarter worth $30,000. 34.06% of the stock is owned by hedge funds and other institutional investors.
CleanSpark Company 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.