CleanSpark (NASDAQ:CLSK) Trading Up 3.9%

CleanSpark, Inc. (NASDAQ:CLSK) shares were up 3.9% during mid-day trading on Tuesday . The company traded as high as $17.18 and last traded at $17.15. Approximately 10,110,824 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 32,950,504 shares. The stock had previously closed at $16.51.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CLSK shares. JPMorgan Chase & Co. cut their price target on CleanSpark from $15.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, June 4th. BTIG Research boosted their target price on shares of CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Cantor Fitzgerald upgraded CleanSpark to a “strong-buy” rating in a report on Wednesday, June 12th. Chardan Capital reissued a “buy” rating and issued a $26.00 price objective on shares of CleanSpark in a research note on Monday, May 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research note on Tuesday, June 18th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $19.97.

CleanSpark Price Performance

The business has a 50-day moving average of $17.14 and a 200 day moving average of $14.88.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, May 9th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. CleanSpark had a negative return on equity of 6.30% and a net margin of 22.41%. The company had revenue of $111.80 million for the quarter, compared to analyst estimates of $111.11 million. On average, equities analysts anticipate that CleanSpark, Inc. will post -0.09 earnings per share for the current fiscal year.

Insider Buying and Selling at CleanSpark

In related news, Chairman S. Matthew Schultz sold 367,000 shares of the firm’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 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 SEC, which is available through this hyperlink. Insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Large investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. boosted its stake in shares of CleanSpark by 36.8% in the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after buying an additional 787 shares during the last quarter. Tobam boosted its position in CleanSpark by 6.4% in the first quarter. Tobam now owns 23,142 shares of the company’s stock worth $491,000 after purchasing an additional 1,394 shares during the last quarter. Scotia Capital Inc. grew its stake in CleanSpark by 14.5% in the 4th quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock valued at $130,000 after purchasing an additional 1,500 shares during the period. American Capital Advisory LLC bought a new position in CleanSpark in the 1st quarter valued at $32,000. Finally, VitalStone Financial LLC raised its stake in shares of CleanSpark by 21.7% during the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock worth $119,000 after purchasing an additional 1,930 shares during the period. 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.