CleanSpark (NASDAQ:CLSK) Trading Up 8.4%

Shares of CleanSpark, Inc. (NASDAQ:CLSK) shot up 8.4% during mid-day trading on Wednesday . The company traded as high as $20.05 and last traded at $19.96. 18,765,006 shares changed hands during trading, a decline of 44% from the average session volume of 33,285,977 shares. The stock had previously closed at $18.42.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CLSK. JPMorgan Chase & Co. boosted their price objective on shares of CleanSpark from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. BTIG Research upped their price target on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Friday, May 10th. Cantor Fitzgerald raised their target price on shares of CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Finally, Chardan Capital reissued a “buy” rating and set a $26.00 price target on shares of CleanSpark in a research note on Monday, May 13th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $19.22.

CleanSpark Price Performance

The firm’s fifty day moving average price is $17.49 and its 200-day moving average price is $12.91.

Insider Transactions at CleanSpark

In related news, CEO Zachary Bradford sold 443,000 shares of the business’s stock in a transaction 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 sale, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Zachary Bradford sold 443,000 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 2,795,863 shares of the company’s stock, valued at $56,783,977.53. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman S. Matthew Schultz sold 367,000 shares of the firm’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the completion of the transaction, the chairman now directly owns 2,298,975 shares of the company’s stock, valued at approximately $53,037,353.25. The disclosure for this sale can be found here. Insiders have sold a total of 1,158,644 shares of company stock valued at $24,767,587 over the last 90 days. 3.46% of the stock is owned by company insiders.

Institutional Trading of CleanSpark

Institutional investors and hedge funds have recently bought and sold shares of the stock. American Capital Advisory LLC bought a new position in CleanSpark in the first quarter valued at approximately $32,000. Russell Investments Group Ltd. grew its stake in shares of CleanSpark by 36.8% in the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after buying an additional 787 shares in the last quarter. Banque Cantonale Vaudoise acquired a new position in CleanSpark during the first quarter worth $109,000. DekaBank Deutsche Girozentrale bought a new stake in CleanSpark during the third quarter worth $30,000. Finally, VitalStone Financial LLC lifted its stake in CleanSpark by 952.7% in the third quarter. VitalStone Financial LLC now owns 8,895 shares of the company’s stock valued at $33,000 after acquiring an additional 8,050 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

About CleanSpark

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.