CleanSpark (NASDAQ:CLSK) Trading Up 3.1%

Shares of CleanSpark, Inc. (NASDAQ:CLSK) shot up 3.1% during trading on Wednesday . The company traded as high as $24.72 and last traded at $23.92. 17,297,037 shares changed hands during trading, a decline of 51% from the average session volume of 35,594,984 shares. The stock had previously closed at $23.19.

Analyst Upgrades and Downgrades

CLSK has been the topic of several research reports. Chardan Capital increased their target price on CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. JPMorgan Chase & Co. restated 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. Cantor Fitzgerald boosted their target price on CleanSpark from $10.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday. TheStreet upgraded shares of CleanSpark from a “d” rating to a “c-” rating in a report on Friday, February 9th. Finally, BTIG Research boosted their price objective on shares of CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.05.

CleanSpark Stock Down 8.2 %

The business has a 50 day moving average price of $15.06 and a 200-day moving average price of $9.42.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.26. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. The company had revenue of $73.79 million during the quarter, compared to the consensus estimate of $66.06 million. Analysts expect that CleanSpark, Inc. will post -0.3 EPS for the current year.

Insider Activity at CleanSpark

In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total value of $8,997,330.00. Following the transaction, the chief executive officer now owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $8,997,330.00. Following the sale, the chief executive officer now directly owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roger Paul Beynon sold 10,976 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now directly owns 141,381 shares in the company, valued at $2,523,650.85. The disclosure for this sale can be found here. In the last three months, insiders sold 1,169,620 shares of company stock valued at $24,963,509. Corporate insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. raised its stake in shares of 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 purchasing an additional 2,150 shares in the last quarter. State of Wyoming bought a new stake in CleanSpark in the second quarter valued at about $27,000. Advisory Services Network LLC acquired a new stake in CleanSpark during the fourth quarter valued at approximately $83,000. DekaBank Deutsche Girozentrale bought a new position in CleanSpark during the 3rd quarter worth approximately $30,000. Finally, Lazard Asset Management LLC grew its position in shares of CleanSpark by 3,177.3% in the 3rd quarter. Lazard Asset Management LLC now owns 7,931 shares of the company’s stock worth $29,000 after acquiring an additional 7,689 shares in the last quarter. 43.12% of the stock is owned by institutional investors and hedge funds.

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.