CleanSpark (NASDAQ:CLSK) Stock Price Up 3.1%

Shares of CleanSpark, Inc. (NASDAQ:CLSK) rose 3.1% on Wednesday . The company traded as high as $24.72 and last traded at $23.92. Approximately 17,297,037 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 35,594,984 shares. The stock had previously closed at $23.19.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. BTIG Research upped their price target on shares of CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Chardan Capital lifted their price objective on shares of CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, March 4th. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Wednesday. Finally, Cantor Fitzgerald upped their price objective on CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, CleanSpark presently has an average rating of “Moderate Buy” and a consensus target price of $18.05.

CleanSpark Stock Performance

The business’s 50 day moving average price is $15.06 and its 200-day moving average price is $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, 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 firm had revenue of $73.79 million during the quarter, compared to the consensus estimate of $66.06 million. Research analysts forecast that CleanSpark, Inc. will post -0.3 earnings per share for the current year.

Insider Activity at CleanSpark

In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of the stock in a transaction 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 in the company, valued at approximately $56,783,977.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Zachary Bradford sold 443,000 shares of the company’s stock in a transaction dated 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 directly owns 2,795,863 shares in the company, valued at $56,783,977.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 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. Insiders sold 1,169,620 shares of company stock worth $24,963,509 in the last ninety days. 3.46% of the stock is owned by company insiders.

Institutional Investors Weigh In On CleanSpark

Several institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. raised its holdings in 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 acquiring an additional 2,150 shares in the last quarter. State of Wyoming acquired a new stake in shares of CleanSpark during the 2nd quarter worth $27,000. Advisory Services Network LLC bought a new position in shares of CleanSpark in the fourth quarter worth $83,000. DekaBank Deutsche Girozentrale acquired a new position in CleanSpark in the third quarter valued at about $30,000. Finally, Lazard Asset Management LLC lifted its position in CleanSpark by 3,177.3% during the third quarter. Lazard Asset Management LLC now owns 7,931 shares of the company’s stock worth $29,000 after purchasing an additional 7,689 shares during the period. 43.12% of the stock is currently owned by institutional investors.

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.