CleanSpark (NASDAQ:CLSK) Trading Up 3.3% After Analyst Upgrade

CleanSpark, Inc. (NASDAQ:CLSK) rose 3.3% during mid-day trading on Thursday after Cantor Fitzgerald raised their price target on the stock from $10.00 to $20.00. Cantor Fitzgerald currently has an overweight rating on the stock. CleanSpark traded as high as $24.10 and last traded at $23.88. Approximately 13,051,510 shares traded hands during trading, a decline of 63% from the average daily volume of 35,450,887 shares. The stock had previously closed at $23.11.

Other analysts also recently issued research reports about the stock. BTIG Research raised their price objective on shares of CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $8.00 target price (down previously from $9.00) on shares of CleanSpark in a research report on Friday, December 8th. TheStreet upgraded shares of CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. Chardan Capital raised their price objective on shares of CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, March 4th. Finally, HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Wednesday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $18.05.

Insider Activity

In other news, Director Roger Paul Beynon sold 10,976 shares of CleanSpark stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total transaction of $195,921.60. Following the sale, the director now owns 141,381 shares of the company’s stock, valued at approximately $2,523,650.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Roger Paul Beynon sold 10,976 shares of CleanSpark stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total transaction of $195,921.60. Following the sale, the director now owns 141,381 shares of the company’s stock, valued at approximately $2,523,650.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Zachary Bradford sold 443,000 shares of CleanSpark stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the sale, the chief executive officer now directly owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,169,620 shares of company stock valued at $24,963,509. Corporate insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. raised its holdings in shares of CleanSpark by 60.3% during the second quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company’s stock valued at $25,000 after purchasing an additional 2,150 shares during the last quarter. Barclays PLC boosted its position in shares of CleanSpark by 533.2% in the fourth quarter. Barclays PLC now owns 12,253 shares of the company’s stock worth $25,000 after purchasing an additional 10,318 shares during the period. State of Wyoming bought a new position in shares of CleanSpark in the second quarter worth approximately $27,000. Lazard Asset Management LLC boosted its position in shares of CleanSpark by 3,177.3% during the third quarter. Lazard Asset Management LLC now owns 7,931 shares of the company’s stock worth $29,000 after acquiring an additional 7,689 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of CleanSpark during the third quarter worth $30,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

CleanSpark Trading Down 8.2 %

The company’s fifty day simple moving average is $14.77 and its 200-day simple moving average is $9.34.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.26. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. The company had revenue of $73.79 million for the quarter, compared to analysts’ expectations of $66.06 million. On average, equities analysts anticipate that CleanSpark, Inc. will post -0.3 earnings per share for the current year.

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.