Hollencrest Capital Management Boosts Stake in CleanSpark, Inc. (NASDAQ:CLSK)

Hollencrest Capital Management boosted its stake in CleanSpark, Inc. (NASDAQ:CLSK) by 33.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 4,000 shares of the company’s stock after purchasing an additional 1,000 shares during the period. Hollencrest Capital Management’s holdings in CleanSpark were worth $37,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CLSK. Vanguard Group Inc. raised its holdings in shares of CleanSpark by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after buying an additional 4,706,738 shares during the period. Van ECK Associates Corp increased its stake in CleanSpark by 64.0% during the third quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock worth $14,857,000 after purchasing an additional 620,792 shares during the period. Millennium Management LLC lifted its position in shares of CleanSpark by 74.6% during the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after purchasing an additional 534,825 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of CleanSpark in the second quarter valued at approximately $18,074,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of CleanSpark by 32.8% in the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after purchasing an additional 215,124 shares in the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

CleanSpark Stock Performance

CLSK opened at $13.57 on Friday. CleanSpark, Inc. has a one year low of $3.46 and a one year high of $24.72. The business’s 50-day simple moving average is $10.23 and its 200-day simple moving average is $13.82.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.03). CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. The company had revenue of $104.11 million during the quarter, compared to analysts’ expectations of $114.04 million. On average, analysts expect that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Transactions at CleanSpark

In related news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the sale, the director now directly owns 137,050 shares in the company, valued at $1,266,342. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 26,272 shares of company stock worth $250,003. 2.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CLSK shares. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Wednesday, September 25th. Macquarie initiated coverage on CleanSpark in a report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. decreased their price objective on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.42.

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.