CleanSpark (NASDAQ:CLSK) Trading Up 3.3% After Analyst Upgrade

CleanSpark, Inc. (NASDAQ:CLSK) rose 3.3% during mid-day trading on Thursday after Cantor Fitzgerald raised their price target on the stock from $10.00 to $20.00. Cantor Fitzgerald currently has an overweight rating on the stock. CleanSpark traded as high as $24.10 and last traded at $23.88. Approximately 13,051,510 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 35,450,887 shares. The stock had previously closed at $23.11.

A number of other research firms also recently weighed in on CLSK. TheStreet raised shares of CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. Chardan Capital upped their price target on shares of CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $8.00 price target (down from $9.00) on shares of CleanSpark in a research note on Friday, December 8th. BTIG Research upped their price target on shares of CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Finally, HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Wednesday. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.05.

Insider Activity

In other news, CEO Zachary Bradford sold 443,000 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the completion of the transaction, the chief executive officer now owns 2,795,863 shares of the company’s stock, valued at $56,783,977.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman S. Matthew Schultz sold 367,000 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the transaction, the chairman now owns 2,298,975 shares of the company’s stock, valued at $53,037,353.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Zachary Bradford sold 443,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the sale, the chief executive officer now directly owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,169,620 shares of company stock valued at $24,963,509. Insiders own 3.46% of the company’s stock.

Institutional Trading of CleanSpark

Hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its stake in shares of CleanSpark by 62.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock valued at $93,032,000 after purchasing an additional 3,235,171 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of CleanSpark by 6.8% during the fourth quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock valued at $88,775,000 after purchasing an additional 515,314 shares during the last quarter. BlackRock Inc. boosted its stake in CleanSpark by 32.9% in the second quarter. BlackRock Inc. now owns 6,797,076 shares of the company’s stock valued at $29,159,000 after acquiring an additional 1,682,954 shares during the last quarter. Finally, State Street Corp boosted its stake in CleanSpark by 124.6% in the second quarter. State Street Corp now owns 5,563,128 shares of the company’s stock valued at $23,866,000 after acquiring an additional 3,085,789 shares during the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

CleanSpark Stock Down 8.2 %

The business’s 50 day simple moving average is $14.77 and its 200-day simple moving average is $9.34.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.26. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. The business had revenue of $73.79 million for the quarter, compared to analyst estimates of $66.06 million. On average, equities research analysts predict that CleanSpark, Inc. will post -0.3 EPS for the current year.

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.