CleanSpark (NASDAQ:CLSK) Trading Up 4.8% – Here’s Why

Shares of CleanSpark, Inc. (NASDAQ:CLSK) shot up 4.8% on Wednesday . The stock traded as high as $7.88 and last traded at $7.96. 1,784,221 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 28,819,818 shares. The stock had previously closed at $7.59.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CLSK. Needham & Company LLC began coverage on CleanSpark in a research note on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research note on Friday, February 7th. Macquarie increased their price target on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods began coverage on CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price for the company. Finally, JPMorgan Chase & Co. lowered their target price on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, CleanSpark presently has a consensus rating of “Buy” and an average price target of $21.63.

CleanSpark Price Performance

The stock has a market cap of $2.20 billion, a P/E ratio of 71.72 and a beta of 4.20. The company has a fifty day moving average price of $9.75 and a 200 day moving average price of $10.80.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) 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%. As a group, sell-side analysts expect that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Zachary Bradford sold 10,533 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $112,071.12. Following the completion of the sale, the chief executive officer now owns 3,059,326 shares in the company, valued at $32,551,228.64. The trade was a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman S. Matthew Schultz sold 9,010 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $95,866.40. Following the sale, the chairman now owns 2,450,010 shares of the company’s stock, valued at approximately $26,068,106.40. This represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 23,186 shares of company stock worth $246,375 over the last quarter. 2.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Compagnie Lombard Odier SCmA purchased a new position in shares of CleanSpark during the fourth quarter valued at approximately $31,000. GAMMA Investing LLC boosted its position in shares of CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after buying an additional 3,579 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of CleanSpark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock valued at $54,000 after buying an additional 2,196 shares during the last quarter. KBC Group NV boosted its position in shares of CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after buying an additional 2,190 shares during the last quarter. Finally, R Squared Ltd purchased a new position in shares of CleanSpark during the fourth quarter valued at approximately $101,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

About CleanSpark

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.