Insider Selling: CleanSpark, Inc. (NASDAQ:CLSK) Director Sells 13,000 Shares of Stock

CleanSpark, Inc. (NASDAQ:CLSK) Director Amanda Cavaleri sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the sale, the director now directly owns 140,289 shares of the company’s stock, valued at $1,118,103.33. This trade represents a 8.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

CleanSpark Stock Performance

Shares of CleanSpark stock traded up $1.35 on Monday, hitting $8.79. 37,668,460 shares of the company’s stock were exchanged, compared to its average volume of 28,968,343. CleanSpark, Inc. has a 1 year low of $7.22 and a 1 year high of $24.72. The company has a 50-day simple moving average of $9.61 and a 200-day simple moving average of $10.76. The stock has a market capitalization of $2.47 billion, a PE ratio of 79.92 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. On average, analysts expect that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Quest Partners LLC bought a new stake in CleanSpark during the third quarter valued at about $374,000. Kovitz Investment Group Partners LLC boosted its stake in shares of CleanSpark by 85.8% in the third quarter. Kovitz Investment Group Partners LLC now owns 184,950 shares of the company’s stock worth $1,727,000 after acquiring an additional 85,388 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of CleanSpark by 10.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock worth $20,500,000 after purchasing an additional 208,862 shares in the last quarter. Quantbot Technologies LP bought a new stake in CleanSpark during the 3rd quarter valued at approximately $1,960,000. Finally, Intech Investment Management LLC purchased a new position in CleanSpark in the 3rd quarter worth approximately $674,000. Institutional investors own 43.12% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Macquarie raised their price target on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a report on Monday, January 27th. They set an “outperform” rating and a $19.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Finally, Needham & Company LLC began coverage on shares of CleanSpark in a research note on Wednesday, February 12th. They set a “buy” rating and a $20.00 target price for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $21.57.

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.