CleanSpark, Inc. (NASDAQ:CLSK) Director Roger Paul Beynon Sells 50,000 Shares

CleanSpark, Inc. (NASDAQ:CLSK) 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

CleanSpark Stock Up 4.2%

Shares of CLSK stock opened at $10.11 on Thursday. The company has a market capitalization of $2.84 billion, a P/E ratio of 91.92 and a beta of 4.36. CleanSpark, Inc. has a 12-month low of $6.45 and a 12-month high of $20.64. The firm has a 50-day moving average price of $8.21 and a 200 day moving average price of $10.18.

CleanSpark (NASDAQ:CLSK) last posted 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 return on equity of 2.61% and a net margin of 16.07%. The firm had revenue of $181.71 million for the quarter, compared to analyst estimates of $196.43 million. During the same period in the previous year, the business posted $0.59 EPS. The business’s quarterly revenue was up 62.5% on a year-over-year basis. As a group, research analysts expect that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CLSK shares. Needham & Company LLC initiated coverage on CleanSpark in a research report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research note on Friday, February 7th. 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. Keefe, Bruyette & Woods assumed coverage on CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price for the company. Finally, Chardan Capital started coverage on CleanSpark in a research note on Wednesday. They issued a “buy” rating and a $20.00 price target on the stock. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $20.71.

Institutional Investors Weigh In On CleanSpark

Large investors have recently bought and sold shares of the business. Prudential Financial Inc. raised its position in CleanSpark by 9.1% in the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company’s stock valued at $155,000 after purchasing an additional 1,405 shares during the last quarter. Corebridge Financial Inc. grew 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 worth $1,139,000 after purchasing an additional 1,507 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of CleanSpark by 15.1% in the first quarter. Wellington Management Group LLP now owns 13,990 shares of the company’s stock valued at $94,000 after buying an additional 1,834 shares in the last quarter. Sigma Planning Corp increased its stake in shares of CleanSpark by 11.9% in the fourth quarter. Sigma Planning Corp now owns 17,518 shares of the company’s stock valued at $161,000 after buying an additional 1,865 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of CleanSpark by 13.5% in the fourth quarter. Mackenzie Financial Corp now owns 15,916 shares of the company’s stock valued at $147,000 after buying an additional 1,898 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.