CleanSpark, Inc. (NASDAQ:CLSK) Short Interest Update

CleanSpark, Inc. (NASDAQ:CLSK) was the recipient of a large decrease in short interest during the month of May. As of May 31st, there was short interest totalling 34,930,000 shares, a decrease of 8.5% from the May 15th total of 38,160,000 shares. Based on an average trading volume of 31,480,000 shares, the days-to-cover ratio is currently 1.1 days.

Insiders Place Their Bets

In other 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 value of $8,466,690.00. Following the completion of the sale, the chairman now owns 2,298,975 shares of the company’s stock, valued at approximately $53,037,353.25. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other CleanSpark news, Chairman S. Matthew Schultz sold 367,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chairman now owns 2,298,975 shares of the company’s stock, valued at approximately $53,037,353.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Zachary Bradford sold 443,000 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The disclosure for this sale can be found here. Insiders sold a total of 811,350 shares of company stock valued at $17,486,498 in the last quarter. 3.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CleanSpark

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of CleanSpark by 58.5% during the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after acquiring an additional 4,706,738 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings 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 acquiring an additional 3,235,171 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of CleanSpark by 119.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company’s stock valued at $19,384,000 after acquiring an additional 957,372 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of CleanSpark by 11.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock valued at $15,217,000 after acquiring an additional 142,078 shares in the last quarter. Finally, Stifel Financial Corp increased its holdings in shares of CleanSpark by 1.0% during the third quarter. Stifel Financial Corp now owns 870,038 shares of the company’s stock valued at $3,315,000 after acquiring an additional 8,975 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. BTIG Research raised their price objective on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Tuesday. Cantor Fitzgerald raised CleanSpark to a “strong-buy” rating in a research note on Wednesday, June 12th. Chardan Capital reissued a “buy” rating and set a $26.00 price target on shares of CleanSpark in a research note on Monday, May 13th. Finally, JPMorgan Chase & Co. cut their price target on CleanSpark from $15.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, June 4th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $19.97.

CleanSpark Price Performance

Shares of CleanSpark stock traded up $0.24 during midday trading on Tuesday, reaching $19.48. The company had a trading volume of 30,991,360 shares, compared to its average volume of 33,210,418. The stock has a fifty day moving average price of $16.90 and a 200 day moving average price of $14.63. CleanSpark has a fifty-two week low of $3.38 and a fifty-two week high of $24.72.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. The company had revenue of $111.80 million for the quarter, compared to analyst estimates of $111.11 million. CleanSpark had a negative return on equity of 6.30% and a net margin of 22.41%. As a group, research analysts expect that CleanSpark will post -0.09 EPS for the current year.

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.