CleanSpark, Inc. (NASDAQ:CLSK) Short Interest Up 13.2% in March

CleanSpark, Inc. (NASDAQ:CLSK) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 26,260,000 shares, a growth of 13.2% from the March 15th total of 23,200,000 shares. Based on an average trading volume of 35,850,000 shares, the short-interest ratio is currently 0.7 days.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CLSK shares. Chardan Capital raised their target price on CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, March 4th. HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Monday. TheStreet raised shares of CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. Cantor Fitzgerald increased their target price on shares of CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, BTIG Research raised 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. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.22.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CLSK. Banque Cantonale Vaudoise purchased a new stake in CleanSpark in the first quarter valued at $109,000. Ameritas Investment Partners Inc. raised its holdings in CleanSpark by 60.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company’s stock valued at $25,000 after buying an additional 2,150 shares during the period. State of Wyoming acquired a new position in CleanSpark in the second quarter valued at about $27,000. Advisory Services Network LLC purchased a new position in CleanSpark during the fourth quarter worth about $83,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of CleanSpark during the third quarter valued at about $30,000. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

CleanSpark Trading Down 1.4 %

Shares of CLSK stock traded down $0.21 on Tuesday, hitting $14.48. 25,109,394 shares of the stock traded hands, compared to its average volume of 34,719,859. CleanSpark has a twelve month low of $3.33 and a twelve month high of $24.72. The firm’s 50-day moving average price is $17.11 and its two-hundred day moving average price is $10.52.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.26. The company had revenue of $73.79 million for the quarter, compared to analyst estimates of $66.06 million. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. As a group, equities analysts predict that CleanSpark will post -0.3 earnings per share 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.