CleanSpark (NASDAQ:CLSK) Trading Up 10.4%

Shares of CleanSpark, Inc. (NASDAQ:CLSK) were up 10.4% during trading on Monday . The stock traded as high as $17.89 and last traded at $17.83. Approximately 7,463,962 shares changed hands during trading, a decline of 78% from the average daily volume of 33,837,863 shares. The stock had previously closed at $16.15.

Analyst Ratings Changes

Several equities analysts have recently commented on CLSK shares. Chardan Capital upped their target price on CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, March 4th. JPMorgan Chase & Co. increased their price objective on CleanSpark from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Cantor Fitzgerald boosted their target price 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. HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research note on Monday, April 15th. Finally, TheStreet upgraded shares of CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.22.

CleanSpark Stock Up 7.9 %

The stock has a 50 day moving average price of $17.77 and a 200 day moving average price of $11.86.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, topping 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 business had revenue of $73.79 million for the quarter, compared to the consensus estimate of $66.06 million. On average, sell-side analysts predict 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 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 transaction, the director now directly owns 141,381 shares in the company, valued at $2,523,650.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related 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 $56,783,977.53. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Roger Paul Beynon sold 10,976 shares of the stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total value of $195,921.60. Following the sale, the director now owns 141,381 shares of the company’s stock, valued at $2,523,650.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,169,620 shares of company stock valued at $24,963,509. 3.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CleanSpark

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in 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 purchasing an additional 1,345,135 shares in the last quarter. Swiss National Bank bought a new position in CleanSpark in the third quarter worth approximately $897,000. Versor Investments LP bought a new position in CleanSpark in the third quarter worth approximately $453,000. Scotia Capital Inc. bought a new stake in shares of CleanSpark during the third quarter valued at approximately $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of CleanSpark by 73.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,884 shares of the company’s stock worth $396,000 after purchasing an additional 15,162 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.