CleanSpark (NASDAQ:CLSK) Stock Price Up 5.8%

CleanSpark, Inc. (NASDAQ:CLSK) shares rose 5.8% on Tuesday . The stock traded as high as $18.74 and last traded at $18.66. Approximately 19,588,761 shares changed hands during trading, a decline of 41% from the average daily volume of 33,316,934 shares. The stock had previously closed at $17.63.

Wall Street Analyst Weigh In

CLSK has been the subject of several recent analyst reports. Cantor Fitzgerald increased their price objective on shares of CleanSpark from $10.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. TheStreet upgraded shares of CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. Chardan Capital reiterated a “buy” rating and set a $26.00 price objective on shares of CleanSpark in a research report on Monday, May 13th. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Friday, May 10th. Finally, JPMorgan Chase & Co. increased their price objective 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 investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.22.

CleanSpark Stock Down 4.0 %

The business’s fifty day simple moving average is $17.51 and its 200 day simple moving average is $13.42.

Insiders Place Their Bets

In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of the firm’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 completion of the sale, 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 the SEC website. In other news, Chairman S. Matthew Schultz sold 367,000 shares of CleanSpark stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the completion of the transaction, the chairman now directly owns 2,298,975 shares in the company, valued at $53,037,353.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Zachary Bradford sold 443,000 shares of CleanSpark stock in a transaction dated Thursday, March 21st. The shares were 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 of the company’s stock, valued at $56,783,977.53. The disclosure for this sale can be found here. Corporate insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CLSK. Vanguard Group Inc. lifted its position in shares of CleanSpark by 58.5% during the first 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 in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of CleanSpark by 62.2% during the fourth 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of CleanSpark by 119.7% during the fourth 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 in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of CleanSpark by 11.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock valued at $15,217,000 after purchasing an additional 142,078 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of CleanSpark by 39.2% during the third quarter. Van ECK Associates Corp now owns 1,200,176 shares of the company’s stock valued at $4,573,000 after purchasing an additional 338,190 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.