Hel Ved Capital Management Ltd Acquires New Stake in CleanSpark, Inc. (NASDAQ:CLSK)

Hel Ved Capital Management Ltd bought a new position in shares of CleanSpark, Inc. (NASDAQ:CLSK) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 430,950 shares of the company’s stock, valued at approximately $3,969,000. CleanSpark makes up approximately 1.2% of Hel Ved Capital Management Ltd’s investment portfolio, making the stock its 25th largest position. Hel Ved Capital Management Ltd owned about 0.15% of CleanSpark at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Compagnie Lombard Odier SCmA bought a new stake in CleanSpark during the 4th quarter worth about $31,000. GAMMA Investing LLC increased its position in shares of CleanSpark by 962.1% in the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after acquiring an additional 3,579 shares during the last quarter. KBC Group NV raised its holdings in CleanSpark by 36.5% during the fourth quarter. KBC Group NV now owns 10,103 shares of the company’s stock worth $93,000 after acquiring an additional 2,700 shares in the last quarter. R Squared Ltd acquired a new position in CleanSpark during the fourth quarter valued at approximately $101,000. Finally, Haven Private LLC bought a new position in CleanSpark in the fourth quarter valued at approximately $108,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. JPMorgan Chase & Co. dropped their price objective on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Keefe, Bruyette & Woods started coverage on CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target on the stock. Needham & Company LLC assumed 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. Finally, Chardan Capital upgraded CleanSpark to a “strong-buy” rating in a report on Monday, March 24th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $21.57.

CleanSpark Stock Performance

Shares of NASDAQ:CLSK opened at $7.32 on Friday. CleanSpark, Inc. has a 52-week low of $6.50 and a 52-week high of $21.39. The company has a market capitalization of $2.06 billion, a PE ratio of 66.55 and a beta of 4.12. The company has a fifty day moving average of $8.93 and a 200-day moving average of $10.65.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping 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%. On average, equities analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Amanda Cavaleri sold 13,000 shares of CleanSpark stock in a transaction 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 transaction, the director now owns 140,289 shares in the company, valued at approximately $1,118,103.33. The trade was a 8.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $112,071.12. Following the completion of the sale, the chief executive officer now owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. The trade was a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,836 shares of company stock worth $335,945 in the last ninety days. Company insiders own 2.65% of the company’s stock.

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.