CleanSpark (NASDAQ:CLSK) Trading Up 3.8%

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price was up 3.8% during mid-day trading on Monday . The stock traded as high as $15.47 and last traded at $15.42. Approximately 12,651,130 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 34,617,988 shares. The stock had previously closed at $14.85.

Analysts Set New Price Targets

Several research analysts have issued reports on CLSK shares. TheStreet raised CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. JPMorgan Chase & Co. lifted their price objective on CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Monday. BTIG Research lifted their price objective on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Finally, Chardan Capital lifted their price objective on CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, March 4th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, CleanSpark has a consensus rating of “Moderate Buy” and a consensus target price of $19.22.

CleanSpark Stock Performance

The firm has a 50 day moving average of $17.11 and a 200-day moving average of $10.52.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) earnings per share (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 business had revenue of $73.79 million for the quarter, compared to the consensus estimate of $66.06 million. On average, equities analysts forecast that CleanSpark, Inc. will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of CleanSpark stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the sale, the chief executive officer now owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Zachary Bradford sold 443,000 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $56,783,977.53. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman S. Matthew Schultz sold 367,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chairman now directly owns 2,298,975 shares in the company, valued at approximately $53,037,353.25. The disclosure for this sale can be found here. Insiders have sold a total of 1,169,620 shares of company stock valued at $24,963,509 in the last quarter. 3.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CleanSpark

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its holdings in CleanSpark by 14.1% during the 1st quarter. JPMorgan Chase & Co. now owns 21,634 shares of the company’s stock valued at $268,000 after acquiring an additional 2,678 shares during the period. Bank of New York Mellon Corp boosted its holdings in CleanSpark by 8.9% during the 1st quarter. Bank of New York Mellon Corp now owns 183,219 shares of the company’s stock valued at $2,266,000 after acquiring an additional 14,977 shares during the period. MetLife Investment Management LLC boosted its holdings in CleanSpark by 58.5% during the 1st quarter. MetLife Investment Management LLC now owns 22,472 shares of the company’s stock valued at $278,000 after acquiring an additional 8,294 shares during the period. Rhumbline Advisers boosted its holdings in CleanSpark by 15.2% during the 1st quarter. Rhumbline Advisers now owns 48,466 shares of the company’s stock valued at $600,000 after acquiring an additional 6,407 shares during the period. Finally, BlackRock Inc. boosted its holdings in CleanSpark by 10.8% during the 1st quarter. BlackRock Inc. now owns 2,524,449 shares of the company’s stock valued at $31,228,000 after acquiring an additional 246,633 shares during the period. Institutional investors 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.