Tidal Investments LLC Purchases 806,435 Shares of CleanSpark, Inc. (NASDAQ:CLSK)

Tidal Investments LLC lifted its position in shares of CleanSpark, Inc. (NASDAQ:CLSK - Free Report) by 50.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,394,779 shares of the company's stock after purchasing an additional 806,435 shares during the period. Tidal Investments LLC owned 0.85% of CleanSpark worth $22,056,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Barclays PLC increased its stake in CleanSpark by 364.0% during the 3rd quarter. Barclays PLC now owns 389,201 shares of the company's stock worth $3,634,000 after acquiring an additional 305,316 shares during the period. Hennion & Walsh Asset Management Inc. increased its stake in CleanSpark by 121.9% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 46,323 shares of the company's stock worth $427,000 after acquiring an additional 25,444 shares during the period. Royal Fund Management LLC bought a new position in CleanSpark during the 4th quarter worth $147,000. Secure Asset Management LLC bought a new position in CleanSpark during the 4th quarter worth $948,000. Finally, Exchange Traded Concepts LLC increased its stake in CleanSpark by 25.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 714,249 shares of the company's stock worth $6,578,000 after acquiring an additional 146,163 shares during the period. Institutional investors own 43.12% of the company's stock.

Wall Street Analyst Weigh In

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

CleanSpark Price Performance

CLSK stock traded down $0.51 during midday trading on Friday, reaching $9.36. 25,551,613 shares of the stock were exchanged, compared to its average volume of 28,306,611. The stock has a market capitalization of $2.63 billion, a PE ratio of 85.10 and a beta of 4.36. CleanSpark, Inc. has a 52 week low of $6.45 and a 52 week high of $20.64. The company has a fifty day moving average price of $8.28 and a 200 day moving average price of $10.16.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its 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). The company had revenue of $181.71 million for 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 firm's quarterly revenue was up 62.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.59 earnings per share. As a group, analysts anticipate that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CleanSpark news, Director Amanda Cavaleri sold 13,000 shares of CleanSpark stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction of $103,610.00. Following the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Roger Paul Beynon sold 50,000 shares of CleanSpark stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.65% 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.