CleanSpark (NASDAQ:CLSK) Trading 10.4% Higher

CleanSpark, Inc. (NASDAQ:CLSK) shares were up 10.4% during mid-day trading on Monday . The stock traded as high as $17.89 and last traded at $17.83. Approximately 7,463,962 shares traded 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 Upgrades and Downgrades

Several equities research analysts recently weighed in on CLSK shares. Cantor Fitzgerald upped their price objective on shares of CleanSpark from $10.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research report on Monday, April 15th. BTIG Research boosted 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. TheStreet raised shares of CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of CleanSpark from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.22.

CleanSpark Trading Down 1.0 %

The firm’s fifty day moving average is $17.62 and its 200 day moving average is $12.05.

CleanSpark (NASDAQ:CLSK) last posted its quarterly 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. The business had revenue of $73.79 million during the quarter, compared to analysts’ expectations of $66.06 million. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. Analysts anticipate that CleanSpark, Inc. will post -0.3 EPS for the current year.

Insider Activity

In other CleanSpark news, Director Roger Paul Beynon sold 10,976 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $2,523,650.85. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Roger Paul Beynon sold 10,976 shares of the stock in a transaction that occurred 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 approximately $2,523,650.85. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman S. Matthew Schultz sold 322,400 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $20.95, for a total value 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 approximately $56,539,189.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,169,620 shares of company stock worth $24,963,509. Corporate insiders own 3.46% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Several hedge funds have recently added to or reduced their stakes in CLSK. Dimensional Fund Advisors LP lifted its holdings in CleanSpark by 62.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock valued at $93,032,000 after purchasing an additional 3,235,171 shares during the last quarter. Vanguard Group Inc. lifted its holdings in CleanSpark by 21.7% during the 3rd 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 during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in 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 purchasing an additional 957,372 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in CleanSpark by 273.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock worth $4,715,000 after buying an additional 905,993 shares during the period. Finally, Van ECK Associates Corp increased its position in CleanSpark by 39.2% during the 3rd quarter. Van ECK Associates Corp now owns 1,200,176 shares of the company’s stock worth $4,573,000 after buying an additional 338,190 shares during the period. 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.