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

CleanSpark, Inc. (NASDAQ:CLSK) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 41,420,000 shares, an increase of 8.5% from the August 15th total of 38,190,000 shares. Based on an average trading volume of 27,320,000 shares, the short-interest ratio is presently 1.5 days.

CleanSpark Stock Performance

Shares of NASDAQ:CLSK traded down $0.31 during trading hours on Wednesday, hitting $8.84. 19,176,852 shares of the company’s stock traded hands, compared to its average volume of 30,618,033. CleanSpark has a 52 week low of $3.38 and a 52 week high of $24.72. The company’s fifty day simple moving average is $12.70 and its two-hundred day simple moving average is $15.64.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $114.04 million. Analysts forecast that CleanSpark will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the sale, the director now owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 26,272 shares of company stock valued at $264,421 in the last quarter. Company insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CLSK. Vanguard Group Inc. boosted its holdings in shares of CleanSpark by 58.5% in the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after buying an additional 4,706,738 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of CleanSpark by 62.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock worth $93,032,000 after purchasing an additional 3,235,171 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of CleanSpark in the second quarter worth approximately $18,074,000. Millennium Management LLC lifted its position in shares of CleanSpark by 74.6% in the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after purchasing an additional 534,825 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of CleanSpark by 32.8% in the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock worth $13,905,000 after purchasing an additional 215,124 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on CLSK. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. lowered their target price 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. Finally, HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Wednesday, September 11th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.97.

CleanSpark Company Profile

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.