Cleanspark (NASDAQ:CLSK) Trading Up 8.4% - Here's What Happened

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CLSK shares. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Chardan Capital assumed coverage on shares of Cleanspark in a report on Wednesday, May 21st. They set a "buy" rating and a $20.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their target price on Cleanspark from $12.00 to $14.00 and gave the company an "overweight" rating in a research note on Friday, June 13th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and an average target price of $21.00.

Cleanspark Price Performance

The stock has a market capitalization of $2.82 billion, a P/E ratio of -10.46 and a beta of 4.23. The stock has a 50 day moving average price of $9.06 and a 200-day moving average price of $9.39.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The company had revenue of $181.71 million during the quarter, compared to the consensus estimate of $196.43 million. During the same quarter in the previous year, the firm posted $0.59 EPS. The business's revenue for the quarter was up 62.5% compared to the same quarter last year. Research analysts predict that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Roger Paul Beynon sold 50,000 shares of Cleanspark stock in a transaction that occurred 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 directly owns 125,511 shares in the company, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.65% of the company's stock.

Hedge Funds Weigh In On Cleanspark

A number of hedge funds and other institutional investors have recently made changes to their positions in CLSK. Rhumbline Advisers grew its holdings in shares of Cleanspark by 10.7% during the 4th quarter. Rhumbline Advisers now owns 334,094 shares of the company's stock worth $3,077,000 after acquiring an additional 32,236 shares during the period. Sanctuary Advisors LLC raised its holdings in Cleanspark by 56.5% in the fourth quarter. Sanctuary Advisors LLC now owns 74,930 shares of the company's stock worth $690,000 after purchasing an additional 27,048 shares in the last quarter. Truist Financial Corp lifted its position in Cleanspark by 58.4% during the fourth quarter. Truist Financial Corp now owns 83,371 shares of the company's stock valued at $768,000 after buying an additional 30,730 shares during the period. Global Retirement Partners LLC boosted its holdings in shares of Cleanspark by 5,920.0% during the 4th quarter. Global Retirement Partners LLC now owns 15,050 shares of the company's stock valued at $139,000 after buying an additional 14,800 shares in the last quarter. Finally, Ieq Capital LLC purchased a new stake in shares of Cleanspark in the 4th quarter worth about $430,000. Institutional investors own 43.12% of the company's stock.

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.