CleanSpark, Inc. (NASDAQ:CLSK) Director Sells $103,610.00 in Stock

CleanSpark, Inc. (NASDAQ:CLSK) Director Amanda Cavaleri sold 13,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares of the company’s stock, valued at approximately $1,118,103.33. The trade was a 8.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

CleanSpark Trading Down 7.0 %

Shares of NASDAQ:CLSK opened at $8.12 on Thursday. The business has a 50-day moving average price of $9.49 and a 200 day moving average price of $10.75. CleanSpark, Inc. has a 12-month low of $7.22 and a 12-month high of $24.72. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of 73.82 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. As a group, equities research analysts predict that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of CleanSpark by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock valued at $181,029,000 after buying an additional 495,367 shares in the last quarter. Geode Capital Management LLC boosted its holdings in CleanSpark by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock valued at $60,037,000 after acquiring an additional 353,807 shares during the period. State Street Corp grew its position in CleanSpark by 4.5% in the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after acquiring an additional 261,195 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in CleanSpark during the fourth quarter worth about $39,940,000. Finally, Invesco Ltd. lifted its position in shares of CleanSpark by 44.2% during the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock worth $27,486,000 after purchasing an additional 914,279 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CLSK has been the subject of several recent research reports. Needham & Company LLC initiated coverage on CleanSpark in a report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price target for the company. JPMorgan Chase & Co. cut their target price on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. HC Wainwright reissued a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Friday, February 7th. Macquarie raised their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Chardan Capital raised shares of CleanSpark to a “strong-buy” rating in a research note on Monday. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, CleanSpark has a consensus rating of “Buy” and an average price target of $21.57.

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.