CleanSpark (NASDAQ:CLSK) Sets New 52-Week High at $24.15

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $24.15 and last traded at $23.48, with a volume of 19933972 shares traded. The stock had previously closed at $23.40.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Wednesday. Cantor Fitzgerald upped their price target on CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday. Chardan Capital increased their price target on CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a report on Monday, March 4th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $8.00 price objective (down previously from $9.00) on shares of CleanSpark in a research note on Friday, December 8th. Finally, BTIG Research raised their target price on CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.05.

CleanSpark Trading Down 8.2 %

The company’s 50-day moving average price is $15.06 and its 200 day moving average price is $9.42.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping 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 company had revenue of $73.79 million during the quarter, compared to analysts’ expectations of $66.06 million. As a group, analysts forecast that CleanSpark, Inc. will post -0.3 earnings per share for the current year.

Insider Buying and Selling

In other CleanSpark news, Director Roger Paul Beynon sold 10,976 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total value of $195,921.60. Following the transaction, the director now owns 141,381 shares of the company’s stock, valued at $2,523,650.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Roger Paul Beynon sold 10,976 shares of CleanSpark stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total value of $195,921.60. Following the completion of the sale, the director now owns 141,381 shares in the company, valued at approximately $2,523,650.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Zachary Bradford sold 443,000 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total value of $8,997,330.00. Following the completion of the sale, the chief executive officer now directly owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,169,620 shares of company stock valued at $24,963,509. 3.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CleanSpark

Institutional investors and hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. grew its position in CleanSpark by 60.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company’s stock valued at $25,000 after acquiring an additional 2,150 shares in the last quarter. Barclays PLC boosted its stake in shares of CleanSpark by 533.2% in the fourth quarter. Barclays PLC now owns 12,253 shares of the company’s stock valued at $25,000 after purchasing an additional 10,318 shares during the period. State of Wyoming acquired a new position in shares of CleanSpark in the second quarter valued at approximately $27,000. Lazard Asset Management LLC increased its stake in CleanSpark by 3,177.3% during the 3rd quarter. Lazard Asset Management LLC now owns 7,931 shares of the company’s stock worth $29,000 after buying an additional 7,689 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new stake in CleanSpark during the 3rd quarter worth approximately $30,000. Hedge funds and other 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.