CleanSpark (NASDAQ:CLSK) Shares Up 7.9% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price shot up 7.9% on Tuesday . The stock traded as high as $10.57 and last traded at $10.57. 13,570,055 shares traded hands during trading, a decline of 55% from the average session volume of 30,015,859 shares. The stock had previously closed at $9.80.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research note on Friday, August 23rd. HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research note on Wednesday, September 25th. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, Macquarie started coverage on shares of CleanSpark in a report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price target on the stock. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, CleanSpark has an average rating of “Moderate Buy” and an average price target of $21.42.

CleanSpark Stock Up 4.5 %

The firm has a fifty day moving average price of $10.12 and a 200-day moving average price of $13.91.

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

Insider Buying and Selling

In other news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Insiders sold 26,272 shares of company stock worth $250,003 in the last quarter. 2.99% of the stock is owned by insiders.

Institutional Investors Weigh In On CleanSpark

A number of large investors have recently modified their holdings of CLSK. GSA Capital Partners LLP purchased a new stake in shares of CleanSpark in the 1st quarter worth about $1,024,000. Empowered Funds LLC raised its stake in shares of CleanSpark by 8.1% in the first quarter. Empowered Funds LLC now owns 153,867 shares of the company’s stock worth $3,264,000 after purchasing an additional 11,550 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of CleanSpark by 77.6% during the first quarter. SG Americas Securities LLC now owns 95,223 shares of the company’s stock valued at $2,020,000 after purchasing an additional 41,605 shares during the last quarter. Swiss National Bank grew its position in CleanSpark by 21.3% in the 1st quarter. Swiss National Bank now owns 364,800 shares of the company’s stock worth $7,737,000 after purchasing an additional 64,000 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of CleanSpark during the 1st quarter valued at $615,000. Institutional investors own 43.12% of the company’s stock.

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.