Hollencrest Capital Management Makes New $48,000 Investment in CleanSpark, Inc. (NASDAQ:CLSK)

Hollencrest Capital Management bought a new position in CleanSpark, Inc. (NASDAQ:CLSK) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 3,000 shares of the company’s stock, valued at approximately $48,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. American Capital Advisory LLC bought a new position in CleanSpark in the first quarter worth $32,000. National Bank of Canada FI increased its stake in shares of CleanSpark by 470.9% in the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after acquiring an additional 2,119 shares in the last quarter. Russell Investments Group Ltd. lifted its position in CleanSpark by 36.8% during the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after acquiring an additional 787 shares during the period. Banque Cantonale Vaudoise bought a new stake in CleanSpark during the first quarter worth about $109,000. Finally, Copperwynd Financial LLC purchased a new stake in CleanSpark in the fourth quarter worth about $112,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

CleanSpark Stock Down 0.4 %

CLSK stock opened at $8.99 on Friday. The stock’s 50 day simple moving average is $12.45 and its 200 day simple moving average is $15.54. CleanSpark, Inc. has a 12-month low of $3.38 and a 12-month high of $24.72.

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 analysts’ consensus estimates of $0.04 by ($0.03). CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. The business had revenue of $104.11 million for the quarter, compared to the consensus estimate of $114.04 million. As a group, equities research analysts anticipate that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Buying and Selling at CleanSpark

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 transaction of $205,331.28. Following the completion of the transaction, the director now directly owns 137,050 shares of the company’s stock, valued at $1,266,342. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 26,272 shares of company stock worth $264,421. Company insiders own 3.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a report on Friday, August 23rd. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Wednesday, September 11th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 target price on shares of CleanSpark in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, CleanSpark has an average rating of “Moderate Buy” and an average price target of $18.97.

CleanSpark 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.