CleanSpark (NASDAQ:CLSK) Stock Price Up 3.5% – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK) shot up 3.5% during mid-day trading on Tuesday . The company traded as high as $9.70 and last traded at $9.69. 8,036,544 shares traded hands during trading, a decline of 72% from the average session volume of 28,234,596 shares. The stock had previously closed at $9.36.

Analyst Ratings Changes

CLSK has been the subject of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Friday, February 7th. Chardan Capital initiated coverage on CleanSpark in a research report on Wednesday, May 21st. They set a “buy” rating and a $20.00 price target for the company. Needham & Company LLC started coverage on CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target for the company. Keefe, Bruyette & Woods started coverage on CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective for the company. Finally, JPMorgan Chase & Co. cut their price objective on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $20.71.

CleanSpark Stock Up 7.2%

The company has a 50 day simple moving average of $8.31 and a 200-day simple moving average of $10.10. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of 90.99 and a beta of 4.36.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). The firm had revenue of $181.71 million for the quarter, compared to the consensus estimate of $196.43 million. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. The company’s revenue was up 62.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.59 EPS. As a group, sell-side analysts anticipate that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Activity

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 completion of the transaction, the director now owns 140,289 shares of the company’s stock, valued at $1,118,103.33. The trade was a 8.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Roger Paul Beynon sold 50,000 shares of the business’s 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 of the company’s stock, valued at $1,319,120.61. The trade was a 28.49% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.65% of the company’s stock.

Institutional Trading of CleanSpark

Several hedge funds and other institutional investors have recently bought and sold shares of CLSK. Barclays PLC raised its holdings in shares of CleanSpark by 364.0% during the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after acquiring an additional 305,316 shares in the last quarter. Archford Capital Strategies LLC bought a new position in shares of CleanSpark during the fourth quarter valued at approximately $184,000. KBC Group NV raised its holdings in shares of CleanSpark by 36.5% during the fourth quarter. KBC Group NV now owns 10,103 shares of the company’s stock valued at $93,000 after acquiring an additional 2,700 shares in the last quarter. R Squared Ltd bought a new position in shares of CleanSpark during the fourth quarter valued at approximately $101,000. Finally, Archer Investment Management LLC bought a new position in shares of CleanSpark during the fourth quarter valued at approximately $122,000. Institutional investors own 43.12% 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.