Cleanspark (NASDAQ:CLSK) Trading 8.4% Higher - What's Next?

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) shares traded up 8.4% during trading on Tuesday . The stock traded as high as $9.52 and last traded at $9.60. 8,141,524 shares were traded during mid-day trading, a decline of 71% from the average session volume of 27,796,352 shares. The stock had previously closed at $8.85.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. JPMorgan Chase & Co. lifted their price target on Cleanspark from $12.00 to $14.00 and gave the company an "overweight" rating in a research report on Friday, June 13th. Finally, Chardan Capital reiterated a "buy" rating and issued a $20.00 price objective on shares of Cleanspark in a report on Wednesday. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $21.00.

Cleanspark Stock Down 1.3%

The stock has a market cap of $3.00 billion, a PE ratio of -11.11 and a beta of 4.23. The stock's fifty day moving average price is $9.20 and its 200 day moving average price is $9.37.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced 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). The company had revenue of $181.71 million for the quarter, compared to analysts' expectations of $196.43 million. Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The business's revenue was up 62.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.59 EPS. On average, equities research analysts expect that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Cleanspark

In other news, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction that occurred 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 transaction, the director now owns 125,511 shares in the company, valued at $1,319,120.61. This represents a 28.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.65% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. CX Institutional purchased a new stake in shares of Cleanspark in the 1st quarter worth $26,000. Strs Ohio purchased a new stake in Cleanspark in the first quarter worth about $38,000. Russell Investments Group Ltd. increased its position 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. Quarry LP bought a new position in shares of Cleanspark in the first quarter worth about $47,000. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Cleanspark during the 1st quarter valued at about $68,000. 43.12% of the stock is currently owned by institutional investors.

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.