Insider Selling: CleanSpark, Inc. (NASDAQ:CLSK) Chairman Sells 9,010 Shares of Stock

CleanSpark, Inc. (NASDAQ:CLSK) Chairman S. Matthew Schultz sold 9,010 shares of CleanSpark stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the transaction, the chairman now directly owns 2,450,010 shares in the company, valued at $26,068,106.40. The trade was a 0.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

CleanSpark Stock Down 1.6 %

NASDAQ CLSK opened at $10.50 on Monday. CleanSpark, Inc. has a 12-month low of $8.04 and a 12-month high of $24.72. The company has a market capitalization of $2.95 billion, a PE ratio of 95.46 and a beta of 4.24. The firm’s 50 day moving average is $10.89 and its 200-day moving average is $11.31.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.81%. As a group, sell-side analysts expect that CleanSpark, Inc. will post 0.29 EPS for the current year.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors have recently added to or reduced their stakes in the company. AQR Arbitrage LLC bought a new position in CleanSpark during the fourth quarter worth $2,334,000. Schonfeld Strategic Advisors LLC boosted its position in shares of CleanSpark by 178.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 105,287 shares of the company’s stock valued at $970,000 after acquiring an additional 67,477 shares during the period. Northern Trust Corp boosted its position in shares of CleanSpark by 7.2% in the fourth quarter. Northern Trust Corp now owns 2,419,057 shares of the company’s stock valued at $22,280,000 after acquiring an additional 163,282 shares during the period. The Manufacturers Life Insurance Company lifted its position in CleanSpark by 7.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 149,645 shares of the company’s stock worth $1,378,000 after purchasing an additional 10,451 shares during the period. Finally, Beacon Pointe Advisors LLC lifted its position in CleanSpark by 81.8% during the fourth quarter. Beacon Pointe Advisors LLC now owns 100,000 shares of the company’s stock worth $921,000 after purchasing an additional 45,000 shares during the period. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CLSK shares. Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research note on Monday, January 27th. They set an “outperform” rating and a $19.00 price objective on the stock. Needham & Company LLC started coverage on shares of CleanSpark in a report on Wednesday, February 12th. They set a “buy” rating and a $20.00 target price on the stock. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $10.50 to $17.00 in a report on Tuesday, December 10th. Macquarie raised their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $22.25.

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.