CleanSpark (NASDAQ:CLSK) Trading Up 5.8% – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK) shares traded up 5.8% on Tuesday . The company traded as high as $7.05 and last traded at $7.11. 5,759,860 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 28,675,595 shares. The stock had previously closed at $6.72.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Macquarie upped their price target on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Keefe, Bruyette & Woods initiated coverage on shares of CleanSpark in a research report on Monday, January 27th. They set an “outperform” rating and a $19.00 price objective on the stock. Needham & Company LLC initiated coverage on CleanSpark in a report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 target price for the company. Finally, JPMorgan Chase & Co. decreased their target price on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $21.57.

CleanSpark Trading Up 6.1 %

The firm has a market capitalization of $2.25 billion, a PE ratio of 72.92 and a beta of 4.20. The firm’s fifty day moving average price is $9.09 and its 200 day moving average price is $10.69.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. As a group, research analysts expect that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Activity at CleanSpark

In other CleanSpark news, CEO Zachary Bradford sold 10,533 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $112,071.12. Following the transaction, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $95,866.40. Following the completion of the sale, the chairman now directly owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. This represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,836 shares of company stock valued at $335,945. 2.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CleanSpark

A number of large investors have recently added to or reduced their stakes in the stock. Compagnie Lombard Odier SCmA acquired a new stake in shares of CleanSpark in the fourth quarter worth $31,000. GAMMA Investing LLC raised its holdings in CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after acquiring an additional 3,579 shares during the period. Russell Investments Group Ltd. lifted its position in CleanSpark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock worth $54,000 after acquiring an additional 2,196 shares during the last quarter. KBC Group NV boosted its holdings in CleanSpark by 36.5% during the fourth quarter. KBC Group NV now owns 10,103 shares of the company’s stock valued at $93,000 after acquiring an additional 2,700 shares during the period. Finally, R Squared Ltd acquired a new stake in shares of CleanSpark in the fourth quarter valued at about $101,000. Institutional investors 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.