CleanSpark, Inc. (NASDAQ:CLSK) Short Interest Up 8.7% in September

CleanSpark, Inc. (NASDAQ:CLSK) was the target of a significant growth in short interest in September. As of September 15th, there was short interest totalling 45,040,000 shares, a growth of 8.7% from the August 31st total of 41,420,000 shares. Based on an average trading volume of 25,150,000 shares, the short-interest ratio is presently 1.8 days.

CleanSpark Trading Down 6.1 %

Shares of CLSK traded down $0.57 during mid-day trading on Tuesday, reaching $8.77. The company had a trading volume of 11,755,505 shares, compared to its average volume of 30,179,693. The company’s 50 day simple moving average is $11.40 and its 200 day simple moving average is $15.21. CleanSpark has a 1-year low of $3.38 and a 1-year high of $24.72.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Friday, August 9th. The company reported $0.01 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 firm had revenue of $104.11 million during the quarter, compared to the consensus estimate of $114.04 million. Equities research analysts predict that CleanSpark will post -0.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CLSK shares. Macquarie began coverage on CleanSpark in a report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Wednesday, September 25th. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research note on Tuesday, September 3rd. 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 investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, CleanSpark currently has an average rating of “Moderate Buy” and an average price target of $19.11.

Insider Activity at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark 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 completion of the sale, the director now owns 137,050 shares in the company, valued at approximately $1,266,342. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have sold 26,272 shares of company stock worth $256,874. Corporate insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Several large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. increased its stake in shares of CleanSpark by 36.8% in the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after buying an additional 787 shares during the period. SteelPeak Wealth LLC increased its position in CleanSpark by 3.0% in the 2nd quarter. SteelPeak Wealth LLC now owns 36,907 shares of the company’s stock valued at $589,000 after acquiring an additional 1,066 shares during the period. Amalgamated Bank raised its stake in shares of CleanSpark by 18.4% during the second quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock valued at $122,000 after acquiring an additional 1,194 shares during the last quarter. Tobam lifted its holdings 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 purchasing an additional 1,394 shares during the period. Finally, Scotia Capital Inc. lifted its holdings 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 purchasing an additional 1,500 shares during the period. 43.12% of the stock is currently owned by institutional investors.

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.