CleanSpark (NASDAQ:CLSK) Trading 10.4% Higher

Shares of CleanSpark, Inc. (NASDAQ:CLSK) traded up 10.4% on Monday . The company traded as high as $17.89 and last traded at $17.83. 7,463,962 shares changed hands during trading, a decline of 78% from the average session volume of 33,837,863 shares. The stock had previously closed at $16.15.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. TheStreet upgraded shares of CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. JPMorgan Chase & Co. increased their price target on CleanSpark from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. BTIG Research upped their price objective on CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Chardan Capital reissued a “buy” rating and issued a $26.00 price target on shares of CleanSpark in a report on Tuesday. Finally, HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research report on Monday, April 15th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.22.

CleanSpark Trading Down 1.0 %

The firm’s 50-day moving average price is $17.62 and its two-hundred day moving average price is $12.05.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.26. The firm 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%. Analysts expect that CleanSpark, Inc. will post -0.3 earnings per share for the current year.

Insider Activity at CleanSpark

In related news, Director Roger Paul Beynon sold 10,976 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total value of $195,921.60. Following the sale, the director now directly owns 141,381 shares in the company, valued at approximately $2,523,650.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other CleanSpark news, Director Roger Paul Beynon sold 10,976 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total transaction of $195,921.60. Following the sale, the director now directly owns 141,381 shares in the company, valued at $2,523,650.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gary Anthony Vecchiarelli sold 26,244 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $20.93, for a total transaction of $549,286.92. Following the sale, the chief financial officer now owns 554,391 shares in the company, valued at $11,603,403.63. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,169,620 shares of company stock worth $24,963,509. Company insiders own 3.46% of the company’s stock.

Institutional Trading of CleanSpark

Institutional investors and hedge funds have recently bought and sold shares of the business. Russell Investments Group Ltd. increased its stake in shares of CleanSpark by 36.8% during the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after buying an additional 787 shares during the period. Tobam increased its stake in shares of CleanSpark by 6.4% during the first quarter. Tobam now owns 23,142 shares of the company’s stock worth $491,000 after buying an additional 1,394 shares during the period. Scotia Capital Inc. increased its stake in shares of CleanSpark by 14.5% during the fourth quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock worth $130,000 after buying an additional 1,500 shares during the period. American Capital Advisory LLC purchased a new stake in shares of CleanSpark during the first quarter worth approximately $32,000. Finally, VitalStone Financial LLC increased its stake in shares of CleanSpark by 21.7% during the fourth quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock worth $119,000 after buying an additional 1,930 shares during the period. 43.12% of the stock is currently owned by hedge funds and other 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.