CleanSpark (NASDAQ:CLSK) Shares Up 3.7% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price traded up 3.7% during trading on Friday . The company traded as high as $9.17 and last traded at $8.98. 1,758,481 shares were traded during mid-day trading, a decline of 94% from the average session volume of 29,647,164 shares. The stock had previously closed at $8.66.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price target on shares of CleanSpark in a report on Thursday, October 3rd. Macquarie assumed coverage on shares of CleanSpark in a research report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. dropped their target price on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research report on Friday, August 23rd. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, CleanSpark presently has a consensus rating of “Moderate Buy” and an average target price of $19.11.

CleanSpark Price Performance

The company’s 50 day moving average is $10.14 and its 200-day moving average is $14.56.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data 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). The firm had revenue of $104.11 million for the quarter, compared to the consensus estimate of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. On average, analysts anticipate that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Activity

In other news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the sale, the director now owns 137,050 shares of the company’s stock, valued at $1,266,342. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 26,272 shares of company stock valued at $256,874 in the last 90 days. 2.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in CleanSpark by 58.5% during the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after purchasing an additional 4,706,738 shares in the last quarter. Marshall Wace LLP bought a new stake in CleanSpark in the second quarter worth $18,074,000. Millennium Management LLC increased its position in 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 during the last quarter. Bank of New York Mellon Corp increased its position in CleanSpark by 32.8% during the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after acquiring an additional 215,124 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its position in CleanSpark by 45.7% during the third quarter. Exchange Traded Concepts LLC now owns 568,086 shares of the company’s stock valued at $5,306,000 after acquiring an additional 178,117 shares during the last quarter. Hedge funds and other 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.