Federated Hermes Inc. Buys New Position in CleanSpark, Inc. (NASDAQ:CLSK)

Federated Hermes Inc. bought a new stake in CleanSpark, Inc. (NASDAQ:CLSK) in the fourth quarter, Holdings Channel reports. The fund bought 63,622 shares of the company’s stock, valued at approximately $702,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in CleanSpark by 21.7% in the 3rd quarter. Vanguard Group Inc. now owns 7,533,197 shares of the company’s stock valued at $28,701,000 after buying an additional 1,345,135 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of CleanSpark by 119.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company’s stock valued at $19,384,000 after purchasing an additional 957,372 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of CleanSpark by 273.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock valued at $4,715,000 after purchasing an additional 905,993 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of CleanSpark by 39.2% during the 3rd quarter. Van ECK Associates Corp now owns 1,200,176 shares of the company’s stock valued at $4,573,000 after purchasing an additional 338,190 shares in the last quarter. Finally, Stifel Financial Corp boosted its position in shares of CleanSpark by 1.0% during the 3rd quarter. Stifel Financial Corp now owns 870,038 shares of the company’s stock valued at $3,315,000 after purchasing an additional 8,975 shares in the last quarter. Institutional investors own 43.12% of the company’s stock.

Wall Street Analyst Weigh In

CLSK has been the subject of several research reports. TheStreet upgraded shares of CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. Chardan Capital raised their price objective on shares of CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, March 4th. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Monday, April 15th. JPMorgan Chase & Co. raised their price objective on shares of CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Finally, BTIG Research upped their price objective on shares of CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.22.

CleanSpark Stock Up 1.9 %

CLSK stock opened at $15.94 on Friday. CleanSpark, Inc. has a one year low of $3.38 and a one year high of $24.72. The firm has a 50-day moving average of $17.77 and a two-hundred day moving average of $11.67.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.26. The company had revenue of $73.79 million during the quarter, compared to analyst estimates of $66.06 million. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. As a group, equities research analysts predict that CleanSpark, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Transactions at CleanSpark

In other news, CEO Zachary Bradford sold 443,000 shares of the 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 of the company’s stock, valued at $56,783,977.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Chairman S. Matthew Schultz sold 322,400 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $20.95, for a total value of $6,754,280.00. Following the completion of the sale, the chairman now directly owns 2,698,768 shares of the company’s stock, valued at $56,539,189.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Zachary Bradford sold 443,000 shares of the firm’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 transaction of $8,997,330.00. Following the transaction, 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. Insiders sold 1,169,620 shares of company stock valued at $24,963,509 over the last three months. 3.46% of the stock is owned by corporate insiders.

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.