Sherbrooke Park Advisers LLC Buys New Position in CleanSpark, Inc. (NASDAQ:CLSK)

Sherbrooke Park Advisers LLC acquired a new stake in CleanSpark, Inc. (NASDAQ:CLSK - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 34,724 shares of the company's stock, valued at approximately $320,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Compagnie Lombard Odier SCmA bought a new position in CleanSpark during the fourth quarter valued at about $31,000. Russell Investments Group Ltd. boosted its stake in shares of CleanSpark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after acquiring an additional 2,196 shares in the last quarter. KBC Group NV grew its holdings in shares of CleanSpark by 36.5% in the 4th quarter. KBC Group NV now owns 10,103 shares of the company's stock worth $93,000 after acquiring an additional 2,700 shares during the last quarter. R Squared Ltd acquired a new stake in shares of CleanSpark during the fourth quarter worth $101,000. Finally, Farringdon Capital Ltd. purchased a new stake in shares of CleanSpark during the fourth quarter valued at $105,000. Institutional investors own 43.12% of the company's stock.

CleanSpark Stock Performance

Shares of CLSK stock traded down $0.24 during trading on Thursday, hitting $9.87. 52,065,747 shares of the company were exchanged, compared to its average volume of 28,386,896. The business's 50-day simple moving average is $8.21 and its 200 day simple moving average is $10.18. CleanSpark, Inc. has a twelve month low of $6.45 and a twelve month high of $20.64. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 89.74 and a beta of 4.36.

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

Analysts Set New Price Targets

A number of analysts have commented on the stock. Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research note on Monday, January 27th. They set an "outperform" rating and a $19.00 price objective for the company. HC Wainwright restated a "buy" rating and set a $27.00 price target on shares of CleanSpark in a report on Friday, February 7th. Needham & Company LLC began coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 price target for the company. Chardan Capital started coverage on shares of CleanSpark in a research report on Wednesday. They set a "buy" rating and a $20.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut their target price on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $20.71.

Insider Activity at CleanSpark

In other CleanSpark 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 completion of the sale, the director now directly 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Amanda Cavaleri sold 13,000 shares of CleanSpark 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 completion of the sale, the director now directly 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 position. The disclosure for this sale can be found here. Insiders own 2.65% of the company's stock.

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.