Short Interest in CleanSpark, Inc. (NASDAQ:CLSK) Declines By 13.5%

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) saw a significant drop in short interest in May. As of May 15th, there was short interest totalling 75,090,000 shares, a drop of 13.5% from the April 30th total of 86,810,000 shares. Approximately 27.5% of the shares of the company are sold short. Based on an average daily trading volume, of 26,560,000 shares, the days-to-cover ratio is currently 2.8 days.

Insider Transactions at CleanSpark

In other CleanSpark news, Director Amanda Cavaleri sold 13,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares of the company's stock, valued at approximately $1,118,103.33. This trade represents a 8.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Roger Paul Beynon sold 50,000 shares of CleanSpark stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the sale, the director now owns 125,511 shares in the company, valued at $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.65% of the company's stock.

Institutional Investors Weigh In On CleanSpark

Several large investors have recently made changes to their positions in CLSK. CX Institutional purchased a new position in CleanSpark in the first quarter worth about $26,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of CleanSpark in the fourth quarter valued at approximately $31,000. Strs Ohio bought a new position in CleanSpark in the first quarter worth approximately $38,000. Quarry LP bought a new position in CleanSpark in the first quarter worth approximately $47,000. Finally, Russell Investments Group Ltd. raised its stake in CleanSpark by 60.0% in the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after buying an additional 2,196 shares in the last quarter. 43.12% of the stock is owned by institutional investors.

CleanSpark Stock Up 8.5%

NASDAQ:CLSK traded up $0.77 on Friday, reaching $9.79. 30,991,314 shares of the company's stock traded hands, compared to its average volume of 28,095,751. The stock has a 50-day simple moving average of $8.56 and a 200-day simple moving average of $9.75. The firm has a market cap of $2.75 billion, a PE ratio of 89.01 and a beta of 4.23. CleanSpark has a 12 month low of $6.45 and a 12 month high of $20.64.

CleanSpark (NASDAQ:CLSK - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. The firm had revenue of $181.71 million during the quarter, compared to the consensus estimate of $196.43 million. During the same period last year, the firm posted $0.59 earnings per share. The company's revenue for the quarter was up 62.5% compared to the same quarter last year. On average, equities analysts anticipate that CleanSpark will post 0.58 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Needham & Company LLC began coverage on CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 price objective for the company. Chardan Capital began coverage on CleanSpark in a research report on Wednesday, May 21st. They set a "buy" rating and a $20.00 price objective for the company. Finally, JPMorgan Chase & Co. cut their target price on CleanSpark from $17.00 to $12.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $20.71.

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.