Deerfield Management Company L.P. Series C Makes New Investment in CleanSpark, Inc. (NASDAQ:CLSK)

Deerfield Management Company L.P. Series C acquired a new stake in shares of CleanSpark, Inc. (NASDAQ:CLSK) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 40,519 shares of the company’s stock, valued at approximately $646,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Scotia Capital Inc. increased its position in shares of CleanSpark by 14.5% during the 4th quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock worth $130,000 after purchasing an additional 1,500 shares in the last quarter. Copperwynd Financial LLC bought a new position in shares of CleanSpark in the fourth quarter valued at approximately $112,000. Intrinsic Edge Capital Management LLC boosted its holdings in shares of CleanSpark by 53.3% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 230,000 shares of the company’s stock worth $2,537,000 after acquiring an additional 80,000 shares in the last quarter. VitalStone Financial LLC grew its position in CleanSpark by 21.7% during the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock worth $119,000 after acquiring an additional 1,930 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in CleanSpark by 6.8% during the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock valued at $88,775,000 after purchasing an additional 515,314 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on CLSK. JPMorgan Chase & Co. decreased 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 started coverage on shares of CleanSpark in a report on Wednesday. They set an “outperform” rating and a $20.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Wednesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.11.

CleanSpark Stock Performance

CleanSpark stock opened at $10.09 on Friday. CleanSpark, Inc. has a 1 year low of $3.38 and a 1 year high of $24.72. The company’s 50-day moving average is $11.73 and its two-hundred day moving average is $15.32.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Friday, August 9th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $114.04 million. As a group, equities analysts expect that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Transactions at CleanSpark

In related news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark 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 completion of the sale, the director now directly owns 137,050 shares of the company’s stock, valued at $1,266,342. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 24,922 shares of company stock worth $242,780 in the last three months. Insiders own 3.46% 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.