CleanSpark (NASDAQ:CLSK) Trading 3.8% Higher

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shares were up 3.8% on Monday . The company traded as high as $15.47 and last traded at $15.42. Approximately 12,651,130 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 34,617,988 shares. The stock had previously closed at $14.85.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CLSK shares. Cantor Fitzgerald lifted their price target on CleanSpark from $10.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, March 28th. BTIG Research lifted their target price on CleanSpark from $12.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday, March 19th. TheStreet raised CleanSpark from a "d" rating to a "c-" rating in a research note on Friday, February 9th. Chardan Capital lifted their target price on CleanSpark from $13.00 to $26.00 and gave the company a "buy" rating in a research note on Monday, March 4th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $27.00 target price on shares of CleanSpark in a research note on Monday. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.22.

CleanSpark Stock Performance

The company has a fifty day moving average price of $17.11 and a 200-day moving average price of $10.52.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.26. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. The business had revenue of $73.79 million during the quarter, compared to analyst estimates of $66.06 million. Sell-side analysts anticipate that CleanSpark, Inc. will post -0.3 earnings per share for the current year.

Insider Buying and Selling

In related news, Chairman S. Matthew Schultz sold 367,000 shares of the business's stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the sale, the chairman now directly owns 2,298,975 shares in the company, valued at approximately $53,037,353.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of CleanSpark stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the transaction, the chief executive officer now directly owns 2,795,863 shares of the company's stock, valued at approximately $56,783,977.53. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman S. Matthew Schultz sold 367,000 shares of CleanSpark stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the transaction, the chairman now directly owns 2,298,975 shares in the company, valued at $53,037,353.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,169,620 shares of company stock worth $24,963,509. 3.46% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its position in CleanSpark by 62.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company's stock worth $93,032,000 after buying an additional 3,235,171 shares during the period. Vanguard Group Inc. increased its position in CleanSpark by 6.8% in the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company's stock worth $88,775,000 after buying an additional 515,314 shares during the period. BlackRock Inc. increased its position in CleanSpark by 32.9% in the 2nd quarter. BlackRock Inc. now owns 6,797,076 shares of the company's stock worth $29,159,000 after buying an additional 1,682,954 shares during the period. Finally, State Street Corp increased its position in shares of CleanSpark by 124.6% during the second quarter. State Street Corp now owns 5,563,128 shares of the company's stock valued at $23,866,000 after purchasing an additional 3,085,789 shares during the period. 43.12% of the stock is 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.