Franklin Resources Inc. Increases Position in CleanSpark, Inc. (NASDAQ:CLSK)

Franklin Resources Inc. increased its stake in shares of CleanSpark, Inc. (NASDAQ:CLSK) by 58.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 119,679 shares of the company’s stock after purchasing an additional 44,251 shares during the quarter. Franklin Resources Inc.’s holdings in CleanSpark were worth $1,102,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Compagnie Lombard Odier SCmA bought a new stake in shares of CleanSpark in the 4th quarter valued at about $31,000. GAMMA Investing LLC lifted its position in CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after acquiring an additional 3,579 shares during the last quarter. KBC Group NV boosted its stake in CleanSpark by 36.5% in the fourth quarter. KBC Group NV now owns 10,103 shares of the company’s stock valued at $93,000 after acquiring an additional 2,700 shares in the last quarter. R Squared Ltd purchased a new position in CleanSpark in the fourth quarter worth $101,000. Finally, Haven Private LLC acquired a new position in shares of CleanSpark during the fourth quarter worth $108,000. Institutional investors own 43.12% of the company’s stock.

CleanSpark Stock Performance

Shares of CLSK stock opened at $7.28 on Wednesday. CleanSpark, Inc. has a fifty-two week low of $6.45 and a fifty-two week high of $21.39. The firm has a market capitalization of $2.04 billion, a PE ratio of 66.19 and a beta of 4.12. The stock’s 50-day simple moving average is $8.36 and its 200-day simple moving average is $10.52.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. Sell-side analysts forecast that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insider Transactions at CleanSpark

In other news, Director Amanda Cavaleri sold 13,000 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total value of $103,610.00. Following the sale, the director now owns 140,289 shares in the company, valued at $1,118,103.33. This represents a 8.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the sale, the chief executive officer now directly owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,836 shares of company stock worth $335,945 over the last 90 days. 2.65% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Chardan Capital raised CleanSpark to a “strong-buy” rating in a research report on Monday, March 24th. 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. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Friday, February 7th. JPMorgan Chase & Co. decreased their price objective on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price for the company. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price 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.