CleanSpark, Inc. (NASDAQ:CLSK – Get Free Report) shares traded up 4% during trading on Tuesday . The company traded as high as $16.58 and last traded at $16.29. 19,863,938 shares traded hands during trading, a decline of 40% from the average session volume of 33,073,855 shares. The stock had previously closed at $15.66.
Analyst Ratings Changes
A number of equities analysts have recently weighed in on the company. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. BTIG Research upped their price target on shares of CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Chardan Capital reaffirmed a “buy” rating and issued a $26.00 price target on shares of CleanSpark in a report on Monday, May 13th. JPMorgan Chase & Co. reduced their target price on CleanSpark from $15.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Cantor Fitzgerald upped their price target on shares of CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.80.
CleanSpark Stock Up 2.8 %
The business’s fifty day moving average price is $17.20 and its two-hundred day moving average price is $13.74.
CleanSpark (NASDAQ:CLSK – Get Free Report) last released its quarterly earnings data on Thursday, May 9th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.07. The company had revenue of $111.80 million during the quarter, compared to analysts’ expectations of $111.11 million. CleanSpark had a net margin of 22.41% and a negative return on equity of 6.30%. On average, research analysts anticipate that CleanSpark, Inc. will post -0.09 earnings per share for the current year.
Insider Buying and Selling
In other news, Chairman S. Matthew Schultz sold 367,000 shares of the stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total value of $8,466,690.00. Following the sale, the chairman now owns 2,298,975 shares in the company, valued at $53,037,353.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other CleanSpark news, Chairman S. Matthew Schultz sold 367,000 shares of the stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the transaction, the chairman now directly owns 2,298,975 shares of the company’s stock, valued at $53,037,353.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Zachary Bradford sold 443,000 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the transaction, the chief executive officer now owns 2,795,863 shares in the company, valued at $56,783,977.53. The disclosure for this sale can be found here. Insiders sold a total of 811,350 shares of company stock worth $17,486,498 in the last 90 days. 3.46% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. American Capital Advisory LLC purchased a new position in CleanSpark during the 1st quarter worth $32,000. Russell Investments Group Ltd. boosted its position in shares of CleanSpark by 36.8% in the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after acquiring an additional 787 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of CleanSpark in the first quarter worth approximately $109,000. DekaBank Deutsche Girozentrale purchased a new position in CleanSpark in the third quarter valued at approximately $30,000. Finally, VitalStone Financial LLC raised its holdings in CleanSpark by 952.7% in the third quarter. VitalStone Financial LLC now owns 8,895 shares of the company’s stock valued at $33,000 after buying an additional 8,050 shares during the period. Institutional investors and hedge funds own 43.12% of the company’s stock.
About CleanSpark
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.