Insider Selling: Cleanspark (NASDAQ:CLSK) COO Sells $41,120.55 in Stock

Cleanspark, Inc. (NASDAQ:CLSK) COO Taylor Monnig sold 3,335 shares of Cleanspark stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $12.33, for a total transaction of $41,120.55. Following the sale, the chief operating officer directly owned 336,810 shares of the company’s stock, valued at approximately $4,152,867.30. This trade represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Taylor Monnig also recently made the following trade(s):

• On Tuesday, September 8th, Taylor Monnig sold 25,249 shares of Cleanspark stock. The shares were sold at an average price of $13.34, for a total value of $336,821.66.
• On Friday, September 4th, Taylor Monnig sold 4,513 shares of Cleanspark stock. The shares were sold at an average price of $12.61, for a total value of $56,908.93.
• On Friday, August 14th, Taylor Monnig sold 54 shares of Cleanspark stock. The shares were sold at an average price of $11.51, for a total value of $621.54.

Cleanspark Stock Down 2.8%

NASDAQ CLSK traded down $0.36 during trading on Thursday, reaching $12.52. 18,626,999 shares of the company’s stock were exchanged, compared to its average volume of 16,654,195. The company has a 50 day moving average price of $12.94 and a two-hundred day moving average price of $13.25. The stock has a market cap of $3.22 billion, a P/E ratio of -3.32 and a beta of 3.84. Cleanspark, Inc. has a 1 year low of $8.00 and a 1 year high of $23.61. The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The business had revenue of $138.01 million during the quarter, compared to analysts’ expectations of $142.37 million. During the same quarter in the previous year, the company posted $0.90 EPS. The company’s revenue was down 30.5% compared to the same quarter last year. On average, equities research analysts anticipate that Cleanspark, Inc. will post -1.4 EPS for the current fiscal year.

Institutional Trading of Cleanspark

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLSK. Dimensional Fund Advisors LP grew its stake in shares of Cleanspark by 81.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock valued at $120,007,000 after purchasing an additional 6,323,715 shares during the last quarter. Situational Awareness LP lifted its holdings in shares of Cleanspark by 648.4% during the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after purchasing an additional 10,635,739 shares during the period. Bank of America Corp DE lifted its holdings in shares of Cleanspark by 49.2% during the first quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock worth $21,928,000 after purchasing an additional 849,865 shares during the period. Intrinsic Edge Capital Management LLC grew its position in Cleanspark by 617.3% in the 1st quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company’s stock valued at $7,614,000 after buying an additional 770,000 shares during the last quarter. Finally, Headlands Technologies LLC lifted its holdings in shares of Cleanspark by 214.8% in the 2nd quarter. Headlands Technologies LLC now owns 512,476 shares of the company’s stock valued at $7,457,000 after buying an additional 349,658 shares during the period. 43.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CLSK shares. Weiss Ratings upgraded shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Cantor Fitzgerald reissued an “overweight” rating and issued a $26.00 target price on shares of Cleanspark in a report on Friday, August 7th. Keefe, Bruyette & Woods boosted their price objective on Cleanspark from $16.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday, July 28th. Zacks Research raised Cleanspark from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Finally, Needham & Company LLC raised their target price on shares of Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Cleanspark currently has a consensus rating of “Moderate Buy” and an average price target of $23.88.

About Cleanspark

CleanSpark, Inc is a U.S.-based bitcoin mining and energy technology company traded on the Nasdaq under the symbol CLSK. Its primary business is operating data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin as a reward.

The company develops and operates its mining infrastructure in the United States, with facilities and operations located across several states. CleanSpark focuses on expanding and optimizing its data-center capacity, managing energy usage, and securing power resources to support its mining activities.

Before emphasizing bitcoin mining, CleanSpark was associated with energy-management and distributed-energy technologies designed to help businesses and communities improve energy efficiency and resilience.