CleanSpark (NASDAQ:CLSK) Trading 13.8% Higher - Here's Why

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s stock price rose 13.8% during trading on Tuesday . The company traded as high as $8.47 and last traded at $8.50. Approximately 5,354,294 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 28,328,870 shares. The stock had previously closed at $7.47.

Wall Street Analysts Forecast Growth

CLSK has been the subject of a number of analyst reports. Keefe, Bruyette & Woods assumed coverage on shares of CleanSpark in a report on Monday, January 27th. They issued an "outperform" rating and a $19.00 price target for the company. HC Wainwright reiterated a "buy" rating and issued a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Needham & Company LLC assumed coverage on CleanSpark in a report on Wednesday, February 12th. They set a "buy" rating and a $20.00 price target on the stock. JPMorgan Chase & Co. dropped their price objective on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, Chardan Capital raised shares of CleanSpark to a "strong-buy" rating in a research note on Monday, March 24th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $21.57.

CleanSpark Trading Up 14.9 %

The firm has a 50-day simple moving average of $8.09 and a two-hundred day simple moving average of $10.49. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of 77.54 and a beta of 4.12.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. Equities research analysts anticipate that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Activity at CleanSpark

In related news, Chairman S. Matthew Schultz sold 9,010 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the transaction, the chairman now owns 2,450,010 shares of the company's stock, valued at approximately $26,068,106.40. This trade represents a 0.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Zachary Bradford sold 10,533 shares of the business's stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the sale, the chief executive officer now directly owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. The trade was a 0.34 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,836 shares of company stock valued at $335,945. 2.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds and other institutional investors have recently bought and sold shares of CLSK. Barclays PLC boosted its stake in shares of CleanSpark by 364.0% in the third quarter. Barclays PLC now owns 389,201 shares of the company's stock valued at $3,634,000 after purchasing an additional 305,316 shares during the period. Virtu Financial LLC purchased a new position in CleanSpark in the 4th quarter valued at approximately $338,000. Assenagon Asset Management S.A. acquired a new position in shares of CleanSpark in the fourth quarter worth $39,940,000. Quadrant Capital Group LLC purchased a new stake in shares of CleanSpark during the fourth quarter worth $734,000. Finally, Hennion & Walsh Asset Management Inc. increased its position in shares of CleanSpark by 121.9% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 46,323 shares of the company's stock worth $427,000 after acquiring an additional 25,444 shares during the period. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.

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