CleanSpark, Inc. (NASDAQ:CLSK) Short Interest Update

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

Analyst Upgrades and Downgrades

CLSK has been the subject of several recent research reports. Chardan Capital assumed coverage on CleanSpark in a research note on Wednesday, May 21st. They issued a "buy" rating and a $20.00 price objective for the company. HC Wainwright restated a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a research report on Friday, February 7th. JPMorgan Chase & Co. dropped their price target 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, Needham & Company LLC assumed coverage on shares of CleanSpark in a report on Wednesday, February 12th. They set a "buy" rating and a $20.00 price target on the stock. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $20.71.

CleanSpark Trading Up 3.5%

NASDAQ:CLSK traded up $0.32 on Wednesday, reaching $9.53. 23,207,894 shares of the stock traded hands, compared to its average volume of 28,171,289. CleanSpark has a 1-year low of $6.45 and a 1-year high of $20.64. The company's 50 day moving average is $8.47 and its 200-day moving average is $9.86. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of 86.64 and a beta of 4.24.

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

Insider Activity at CleanSpark

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

Institutional Trading of CleanSpark

Several large investors have recently made changes to their positions in the company. CX Institutional bought a new position in CleanSpark in the first quarter worth approximately $26,000. Compagnie Lombard Odier SCmA acquired a new position in shares of CleanSpark during the fourth quarter worth approximately $31,000. Strs Ohio bought a new position in shares of CleanSpark in the 1st quarter worth $38,000. Quarry LP bought a new position in shares of CleanSpark in the 1st quarter worth $47,000. Finally, Russell Investments Group Ltd. grew its position in CleanSpark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after purchasing an additional 2,196 shares during the period. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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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