CleanSpark (NASDAQ:CLSK) Trading 6.7% Higher - Here's What Happened

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shares were up 6.7% on Friday . The stock traded as high as $9.77 and last traded at $9.63. Approximately 5,007,950 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 28,068,335 shares. The stock had previously closed at $9.02.

Analyst Ratings Changes

Several research firms have recently commented on CLSK. Needham & Company LLC began coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 price target for the company. Chardan Capital began coverage on shares of CleanSpark in a report on Wednesday, May 21st. They issued a "buy" rating and a $20.00 price target for the company. Finally, JPMorgan Chase & Co. decreased their price target on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $20.71.

CleanSpark Stock Performance

The business's 50 day simple moving average is $8.60 and its 200-day simple moving average is $9.72. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 92.01 and a beta of 4.23.

CleanSpark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). The company had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. The company's revenue was up 62.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.59 earnings per share. As a group, sell-side analysts expect that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Transactions at CleanSpark

In related news, Director Roger Paul Beynon sold 50,000 shares of the business's 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 sale, the director now directly owns 125,511 shares in the company, valued at $1,319,120.61. The trade was a 28.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Amanda Cavaleri sold 13,000 shares of the business'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 transaction of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares in the company, valued at $1,118,103.33. The trade was a 8.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.65% of the company's stock.

Institutional Trading of CleanSpark

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Prudential Financial Inc. raised its holdings in shares of CleanSpark by 9.1% in the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock worth $155,000 after purchasing an additional 1,405 shares in the last quarter. Corebridge Financial Inc. raised its holdings in shares of CleanSpark by 1.2% during the fourth quarter. Corebridge Financial Inc. now owns 123,723 shares of the company's stock valued at $1,139,000 after acquiring an additional 1,507 shares during the period. Wellington Management Group LLP raised its holdings in shares of CleanSpark by 15.1% during the first quarter. Wellington Management Group LLP now owns 13,990 shares of the company's stock valued at $94,000 after acquiring an additional 1,834 shares during the period. Sigma Planning Corp raised its holdings in shares of CleanSpark by 11.9% during the fourth quarter. Sigma Planning Corp now owns 17,518 shares of the company's stock valued at $161,000 after acquiring an additional 1,865 shares during the period. Finally, Mackenzie Financial Corp raised its holdings in shares of CleanSpark by 13.5% during the fourth quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock valued at $147,000 after acquiring an additional 1,898 shares during the period. 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.