CleanSpark, Inc. (NASDAQ:CLSK) CEO Zachary Bradford Sells 443,000 Shares

CleanSpark, Inc. (NASDAQ:CLSKGet Free Report) CEO Zachary Bradford sold 443,000 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the transaction, the chief executive officer now directly owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

CleanSpark Trading Down 6.0 %

Shares of CleanSpark stock opened at $19.52 on Friday. CleanSpark, Inc. has a twelve month low of $2.38 and a twelve month high of $23.45. The business’s fifty day moving average price is $13.84 and its 200 day moving average price is $8.91.

CleanSpark (NASDAQ:CLSKGet Free Report) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $66.06 million. On average, research analysts predict that CleanSpark, Inc. will post -0.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank purchased a new position in CleanSpark in the third quarter valued at about $897,000. Versor Investments LP purchased a new position in CleanSpark in the third quarter valued at about $453,000. Scotia Capital Inc. purchased a new stake in shares of CleanSpark during the third quarter worth about $39,000. Charles Schwab Investment Management Inc. increased its position in shares of CleanSpark by 273.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock worth $4,715,000 after acquiring an additional 905,993 shares during the last quarter. Finally, Algert Global LLC purchased a new stake in shares of CleanSpark during the third quarter worth about $325,000. 34.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a report on Friday, February 9th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of CleanSpark in a report on Friday, December 1st. HC Wainwright raised their price objective on CleanSpark from $15.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Chardan Capital raised their price objective on CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, March 4th. Finally, BTIG Research raised their price objective on CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.38.

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CleanSpark Company Profile

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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.

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