CleanSpark (NASDAQ:CLSK) Reaches New 12-Month High at $24.15

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $24.15 and last traded at $23.48, with a volume of 19933972 shares trading hands. The stock had previously closed at $23.40.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CLSK. Chardan Capital increased their target price on shares of CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, March 4th. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Wednesday. BTIG Research boosted their price objective on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $8.00 target price (down previously from $9.00) on shares of CleanSpark in a research report on Friday, December 8th. Finally, TheStreet raised CleanSpark from a “d” rating to a “c-” rating in a report on Friday, February 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, CleanSpark presently has an average rating of “Moderate Buy” and an average price target of $18.05.

CleanSpark Stock Performance

The business has a 50 day moving average of $15.06 and a 200 day moving average of $9.42.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On CleanSpark

Several hedge funds have recently added to or reduced their stakes in CLSK. 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 buying an additional 3,235,171 shares during the last quarter. Vanguard Group Inc. lifted its position 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 worth $88,775,000 after purchasing an additional 515,314 shares during the last quarter. BlackRock Inc. boosted its stake in shares of CleanSpark by 32.9% during the second quarter. BlackRock Inc. now owns 6,797,076 shares of the company’s stock valued at $29,159,000 after purchasing an additional 1,682,954 shares during the period. Finally, State Street Corp grew its holdings in shares of CleanSpark by 124.6% in the second quarter. State Street Corp now owns 5,563,128 shares of the company’s stock worth $23,866,000 after purchasing an additional 3,085,789 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.