CleanSpark (NASDAQ:CLSK) Shares Up 6.1% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price shot up 6.1% during mid-day trading on Friday . The stock traded as high as $12.65 and last traded at $12.43. 10,338,014 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 29,761,480 shares. The stock had previously closed at $11.72.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CLSK shares. JPMorgan Chase & Co. dropped their price target on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, August 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price target on shares of CleanSpark in a research note on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Wednesday, September 25th. Finally, Macquarie started coverage on shares of CleanSpark in a research report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.11.

CleanSpark Price Performance

The firm’s 50 day simple moving average is $10.12 and its 200-day simple moving average is $14.26.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. The company had revenue of $104.11 million during the quarter, compared to analyst estimates of $114.04 million. Equities research analysts anticipate that CleanSpark, Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Transactions at CleanSpark

In related news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the transaction, the director now directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 26,272 shares of company stock worth $256,874 in the last 90 days. Corporate insiders own 3.46% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in CleanSpark by 58.5% in the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after buying an additional 4,706,738 shares during the period. Millennium Management LLC lifted its holdings in CleanSpark by 74.6% during the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after purchasing an additional 534,825 shares during the last quarter. Marshall Wace LLP bought a new position in CleanSpark during the second quarter worth $18,074,000. Van ECK Associates Corp increased its holdings in shares of CleanSpark by 21.5% in the second quarter. Van ECK Associates Corp now owns 969,896 shares of the company’s stock valued at $15,470,000 after purchasing an additional 171,627 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of CleanSpark by 32.8% in the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after purchasing an additional 215,124 shares during the period. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.