Cleanspark (NASDAQ:CLSK) COO Sells $581,062.56 in Stock

Key Points

• Cleanspark's COO, Taylor Monnig, sold 63,713 shares at an average price of $9.12, totaling $581,062.56, representing a 34.62% decrease in his stock ownership.
• The company's recent quarterly earnings report showed $0.78 earnings per share, significantly surpassing the expected $0.07 estimate and marking a 90.8% year-over-year revenue increase.
• Analysts maintain a generally positive outlook on Cleanspark, with a consensus rating of "Buy" and an average price target of $20.47.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) COO Taylor Monnig sold 63,713 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total value of $581,062.56. Following the completion of the sale, the chief operating officer directly owned 120,337 shares of the company's stock, valued at $1,097,473.44. The trade was a 34.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Cleanspark Price Performance

Shares of NASDAQ:CLSK traded up $0.50 during trading on Tuesday, hitting $9.67. The company had a trading volume of 23,466,513 shares, compared to its average volume of 16,491,750. The company has a fifty day simple moving average of $10.88 and a two-hundred day simple moving average of $9.41. Cleanspark, Inc. has a one year low of $6.45 and a one year high of $17.97. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 11.38 and a beta of 3.65.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.71. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The firm had revenue of $198.64 million for the quarter, compared to the consensus estimate of $191.33 million. During the same period in the prior year, the business posted ($1.03) earnings per share. The company's revenue for the quarter was up 90.8% on a year-over-year basis. On average, equities research analysts anticipate that Cleanspark, Inc. will post 0.58 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CLSK. Vanguard Group Inc. increased its holdings in shares of Cleanspark by 22.8% in the 1st quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock valued at $162,259,000 after acquiring an additional 4,489,866 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Cleanspark by 6,449.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company's stock valued at $9,327,000 after acquiring an additional 1,366,752 shares during the period. Nuveen LLC purchased a new position in shares of Cleanspark in the 1st quarter valued at $8,109,000. Bank of New York Mellon Corp increased its holdings in shares of Cleanspark by 128.9% in the 1st quarter. Bank of New York Mellon Corp now owns 1,579,277 shares of the company's stock valued at $10,613,000 after acquiring an additional 889,317 shares during the period. Finally, Public Sector Pension Investment Board purchased a new position in shares of Cleanspark in the 1st quarter valued at $5,925,000. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CLSK. Cantor Fitzgerald increased their price target on Cleanspark from $25.00 to $26.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. LADENBURG THALM/SH SH began coverage on Cleanspark in a report on Monday, July 28th. They issued a "buy" rating and a $20.25 price target on the stock. Macquarie increased their price target on Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, Chardan Capital reiterated a "buy" rating and issued a $20.00 price target on shares of Cleanspark in a report on Monday. Ten analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $20.47.

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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