Van ECK Associates Corp Raises Stock Holdings in CleanSpark, Inc. (NASDAQ:CLSK)

Van ECK Associates Corp raised its stake in shares of CleanSpark, Inc. (NASDAQ:CLSK) by 40.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,227,199 shares of the company’s stock after purchasing an additional 636,511 shares during the quarter. Van ECK Associates Corp owned approximately 0.76% of CleanSpark worth $20,513,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake 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 purchasing an additional 3,579 shares in the last quarter. Hollencrest Capital Management boosted its holdings in shares of CleanSpark by 33.3% during the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after acquiring an additional 1,000 shares during the last quarter. KBC Group NV boosted its holdings in shares of CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after buying an additional 2,190 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of CleanSpark by 21.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after buying an additional 1,345 shares during the last quarter. Finally, R Squared Ltd purchased a new position in shares of CleanSpark in the fourth quarter worth approximately $101,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CLSK shares. Keefe, Bruyette & Woods initiated coverage on shares of CleanSpark in a research note on Monday, January 27th. They set an “outperform” rating and a $19.00 target price on the stock. Needham & Company LLC assumed coverage on shares of CleanSpark in a research report on Wednesday. They issued a “buy” rating and a $20.00 price target 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 lifted their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, CleanSpark currently has an average rating of “Buy” and an average price target of $22.25.

CleanSpark Trading Down 1.6 %

Shares of CLSK opened at $10.50 on Friday. The firm has a market capitalization of $2.95 billion, a P/E ratio of 95.46 and a beta of 4.24. CleanSpark, Inc. has a 12-month low of $8.04 and a 12-month high of $24.72. The firm has a fifty day moving average price of $10.89 and a 200-day moving average price of $11.38.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.81%. Analysts predict that CleanSpark, Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Zachary Bradford sold 10,533 shares of the company’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of the company’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction 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 approximately $26,068,106.40. This trade represents a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,536 shares of company stock valued at $265,748 over the last three months. 2.65% of the stock is owned by company insiders.

CleanSpark 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.