CleanSpark (NASDAQ:CLSK) Stock Price Up 7.3%

CleanSpark, Inc. (NASDAQ:CLSK)’s share price shot up 7.3% on Monday . The company traded as high as $18.49 and last traded at $18.46. 31,062,839 shares were traded during mid-day trading, a decline of 11% from the average session volume of 34,833,266 shares. The stock had previously closed at $17.20.

Wall Street Analyst Weigh In

CLSK has been the topic of a number of research reports. Cantor Fitzgerald upped their price target on CleanSpark from $10.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Monday, April 15th. TheStreet raised shares of CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. Chardan Capital raised their target price on shares of CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a report on Monday, March 4th. Finally, JPMorgan Chase & Co. upped their price target on shares of CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, CleanSpark has an average rating of “Moderate Buy” and a consensus target price of $19.22.

CleanSpark Price Performance

The stock’s 50-day moving average is $17.68 and its 200-day moving average is $11.09.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates 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 news, Director Roger Paul Beynon sold 10,976 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was 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 owns 141,381 shares of the company’s stock, valued at $2,523,650.85. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Roger Paul Beynon sold 10,976 shares of CleanSpark stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total transaction of $195,921.60. Following the completion of the sale, the director now directly owns 141,381 shares in the company, valued at approximately $2,523,650.85. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman S. Matthew Schultz sold 322,400 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $20.95, for a total transaction of $6,754,280.00. Following the completion of the sale, the chairman now directly owns 2,698,768 shares of the company’s stock, valued at $56,539,189.60. The disclosure for this sale can be found here. Insiders sold a total of 1,169,620 shares of company stock worth $24,963,509 over the last ninety days. 3.46% of the stock is currently owned by company insiders.

Institutional Trading of CleanSpark

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of CleanSpark by 21.7% in the third quarter. Vanguard Group Inc. now owns 7,533,197 shares of the company’s stock valued at $28,701,000 after buying an additional 1,345,135 shares during the period. Swiss National Bank acquired a new stake in shares of CleanSpark during the 3rd quarter worth approximately $897,000. Versor Investments LP bought a new stake in shares of CleanSpark during the third quarter valued at approximately $453,000. Scotia Capital Inc. acquired a new position in shares of CleanSpark in the third quarter valued at $39,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of CleanSpark by 273.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock valued at $4,715,000 after purchasing an additional 905,993 shares in the last quarter. 43.12% of the stock is currently 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.