CleanSpark, Inc. (NASDAQ:CLSK) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP trimmed its position in CleanSpark, Inc. (NASDAQ:CLSK) by 58.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,156 shares of the company’s stock after selling 17,020 shares during the period. Wellington Management Group LLP’s holdings in CleanSpark were worth $112,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in CLSK. Price T Rowe Associates Inc. MD increased its position in shares of CleanSpark by 1,018.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company’s stock valued at $15,538,000 after acquiring an additional 1,536,145 shares during the period. Jump Financial LLC acquired a new position in shares of CleanSpark in the 4th quarter valued at $13,443,000. Shaolin Capital Management LLC acquired a new position in shares of CleanSpark in the 4th quarter valued at $8,559,000. Invesco Ltd. increased its position in shares of CleanSpark by 44.2% in the 4th quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock valued at $27,486,000 after acquiring an additional 914,279 shares during the period. Finally, Tidal Investments LLC increased its position in shares of CleanSpark by 50.8% in the 4th quarter. Tidal Investments LLC now owns 2,394,779 shares of the company’s stock valued at $22,056,000 after acquiring an additional 806,435 shares during the period. 43.12% of the stock is owned by institutional investors and hedge funds.

CleanSpark Stock Performance

Shares of CLSK opened at $9.79 on Monday. The business’s 50-day moving average is $8.56 and its two-hundred day moving average is $9.75. The company has a market capitalization of $2.75 billion, a P/E ratio of 89.01 and a beta of 4.23. CleanSpark, Inc. has a fifty-two week low of $6.45 and a fifty-two week high of $20.64.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. The company had revenue of $181.71 million for the quarter, compared to analyst estimates of $196.43 million. During the same period in the prior year, the business posted $0.59 earnings per share. CleanSpark’s revenue for the quarter was up 62.5% on a year-over-year basis. Analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Transactions at CleanSpark

In other news, 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 sale, the director now directly owns 140,289 shares of the company’s stock, valued at $1,118,103.33. This represents a 8.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the sale, the director now directly owns 125,511 shares in the company, valued at approximately $1,319,120.61. The trade was a 28.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.65% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CLSK shares. JPMorgan Chase & Co. cut their target price on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Chardan Capital initiated coverage on CleanSpark in a research report on Wednesday, May 21st. They set a “buy” rating and a $20.00 price target on the stock. Finally, Needham & Company LLC initiated coverage on CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $20.71.

CleanSpark 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.