CleanSpark (NASDAQ:CLSK) Trading Up 10.4%

CleanSpark, Inc. (NASDAQ:CLSK) shares rose 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 mid-day 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 research firms recently issued reports on CLSK. Chardan Capital raised their target price on shares of CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a report on Friday, February 9th. JPMorgan Chase & Co. lifted their target price on CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Cantor Fitzgerald boosted their price target on CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, BTIG Research raised their price objective on CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. 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, the company presently has an average rating of “Moderate Buy” and an average target price of $19.22.

CleanSpark Stock Up 7.9 %

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

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $73.79 million during the quarter, compared to analysts’ expectations 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 the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was 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 of the company’s stock, valued at approximately $56,783,977.53. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Roger Paul Beynon sold 10,976 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total transaction of $195,921.60. Following the sale, the director now directly owns 141,381 shares of the company’s stock, valued at approximately $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 Investors Weigh In On CleanSpark

A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings in CleanSpark by 62.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock valued at $93,032,000 after buying an additional 3,235,171 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of CleanSpark by 21.7% in the 3rd quarter. Vanguard Group Inc. now owns 7,533,197 shares of the company’s stock valued at $28,701,000 after acquiring an additional 1,345,135 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of CleanSpark by 119.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company’s stock valued at $19,384,000 after acquiring an additional 957,372 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of CleanSpark by 273.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock valued at $4,715,000 after acquiring an additional 905,993 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in CleanSpark by 39.2% during the third quarter. Van ECK Associates Corp now owns 1,200,176 shares of the company’s stock worth $4,573,000 after purchasing an additional 338,190 shares during the last quarter. Institutional investors and hedge funds 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.