CleanSpark (NASDAQ:CLSK) Trading 3.8% Higher

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price was up 3.8% on Monday . The stock traded as high as $15.47 and last traded at $15.42. Approximately 12,651,130 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 34,617,988 shares. The stock had previously closed at $14.85.

Analysts Set New Price Targets

Several analysts have recently weighed in on CLSK shares. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Monday. BTIG Research lifted their price objective on shares of CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. TheStreet upgraded shares of CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. JPMorgan Chase & Co. lifted their price objective on shares of CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Finally, Cantor Fitzgerald lifted their price objective on shares of CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.22.

CleanSpark Stock Performance

The stock’s 50 day simple moving average is $17.11 and its 200 day simple moving average is $10.52.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.26. The firm had revenue of $73.79 million for the quarter, compared to the consensus estimate of $66.06 million. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. On average, equities research analysts forecast that CleanSpark, Inc. will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CleanSpark news, Director Roger Paul Beynon sold 10,976 shares of CleanSpark stock in a transaction on Wednesday, February 14th. The shares were 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 of the company’s stock, valued at approximately $2,523,650.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Chairman S. Matthew Schultz sold 367,000 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total value of $8,466,690.00. Following the transaction, the chairman now directly owns 2,298,975 shares of the company’s stock, valued at approximately $53,037,353.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Roger Paul Beynon sold 10,976 shares of the business’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 disclosure for this sale can be found here. Insiders have sold 1,169,620 shares of company stock valued at $24,963,509 in the last three months. 3.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Scotia Capital Inc. boosted its holdings in shares of CleanSpark by 14.5% in the 4th quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock worth $130,000 after buying an additional 1,500 shares during the last quarter. American International Group Inc. boosted its holdings in shares of CleanSpark by 8.9% in the 1st quarter. American International Group Inc. now owns 19,814 shares of the company’s stock worth $245,000 after buying an additional 1,612 shares during the last quarter. VitalStone Financial LLC boosted its holdings in shares of CleanSpark by 21.7% in the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock worth $119,000 after buying an additional 1,930 shares during the last quarter. Ameritas Investment Partners Inc. lifted its holdings in CleanSpark by 60.3% during the second 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 during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in CleanSpark by 18.7% during the first quarter. Dimensional Fund Advisors LP now owns 16,374 shares of the company’s stock valued at $46,000 after purchasing an additional 2,574 shares during the last quarter. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.