CleanSpark (NASDAQ:CLSK) Trading Up 6.1% – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK) traded up 6.1% on Friday . The company traded as high as $12.65 and last traded at $12.43. 10,338,014 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 29,761,480 shares. The stock had previously closed at $11.72.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. JPMorgan Chase & Co. reduced their target price on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a report on Friday, August 23rd. Macquarie assumed coverage on CleanSpark in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price target on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Wednesday, September 25th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $19.11.

CleanSpark Price Performance

The stock has a 50-day simple moving average of $10.09 and a 200-day simple moving average of $14.32.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). The company had revenue of $104.11 million for the quarter, compared to the consensus estimate of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. On average, equities research analysts forecast that CleanSpark, Inc. will post -0.06 EPS for the current year.

Insider Transactions at CleanSpark

In related news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the sale, the director now owns 137,050 shares in the company, valued at $1,266,342. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 26,272 shares of company stock worth $256,874. Corporate insiders own 3.46% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Several hedge funds have recently added to or reduced their stakes in CLSK. National Bank of Canada FI increased its position in CleanSpark by 470.9% in the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after acquiring an additional 2,119 shares during the period. Hollencrest Capital Management acquired a new position in CleanSpark during the 2nd quarter worth about $48,000. Russell Investments Group Ltd. grew its position in shares of CleanSpark by 36.8% in the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after buying an additional 787 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of CleanSpark in the first quarter valued at about $109,000. Finally, Doliver Advisors LP bought a new position in shares of CleanSpark during the third quarter worth about $117,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.