CleanSpark (NASDAQ:CLSK) Trading Up 7.9% – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK)’s share price was up 7.9% during mid-day trading on Tuesday . The company traded as high as $10.57 and last traded at $10.57. Approximately 13,570,055 shares changed hands during trading, a decline of 55% from the average daily volume of 30,015,859 shares. The stock had previously closed at $9.80.

Wall Street Analysts Forecast Growth

CLSK has been the subject of several recent analyst reports. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Wednesday, September 25th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 price target on shares of CleanSpark in a research note on Thursday, October 3rd. Macquarie started coverage on CleanSpark in a research report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 target price on the stock. Finally, JPMorgan Chase & Co. dropped their target price on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, CleanSpark currently has a consensus rating of “Moderate Buy” and an average target price of $21.42.

CleanSpark Price Performance

The business’s 50-day simple moving average is $10.12 and its two-hundred day simple moving average is $13.91.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The business had revenue of $104.11 million during the quarter, compared to the consensus estimate of $114.04 million. CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. As a group, equities research analysts predict that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Activity at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the sale, the director now owns 137,050 shares in the company, valued at approximately $1,266,342. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 26,272 shares of company stock worth $250,003 in the last ninety days. 2.99% of the stock is owned by insiders.

Institutional Investors Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently bought and sold shares of CLSK. Swiss National Bank raised its holdings in shares of CleanSpark by 21.3% during the first quarter. Swiss National Bank now owns 364,800 shares of the company’s stock valued at $7,737,000 after acquiring an additional 64,000 shares during the period. SRN Advisors LLC boosted its holdings in CleanSpark by 65.3% in the 3rd quarter. SRN Advisors LLC now owns 261,427 shares of the company’s stock valued at $2,442,000 after purchasing an additional 103,283 shares during the period. Clarity Capital Partners LLC lifted its position in CleanSpark by 100.8% in the third quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock worth $1,635,000 after purchasing an additional 87,891 shares during the period. Vanguard Group Inc. grew its stake in shares of CleanSpark by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after purchasing an additional 4,706,738 shares during the period. Finally, Millennium Management LLC raised its stake in shares of CleanSpark by 74.6% in the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after acquiring an additional 534,825 shares during the last quarter. 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.