Short Interest in CleanSpark, Inc. (NASDAQ:CLSK) Rises By 13.2%

CleanSpark, Inc. (NASDAQ:CLSK) was the target of a large increase in short interest in March. As of March 31st, there was short interest totalling 26,260,000 shares, an increase of 13.2% from the March 15th total of 23,200,000 shares. Based on an average daily volume of 35,850,000 shares, the days-to-cover ratio is presently 0.7 days.

CleanSpark Price Performance

Shares of CleanSpark stock traded down $0.21 during trading hours on Tuesday, hitting $14.48. The company’s stock had a trading volume of 25,109,394 shares, compared to its average volume of 34,719,859. The business has a 50 day moving average price of $17.11 and a two-hundred day moving average price of $10.52. CleanSpark has a 12-month low of $3.33 and a 12-month high of $24.72.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.26. The business had revenue of $73.79 million for the quarter, compared to analysts’ expectations 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, analysts expect that CleanSpark will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling 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 transaction of $8,997,330.00. Following the sale, the chief executive officer now owns 2,795,863 shares in the company, valued at $56,783,977.53. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Zachary Bradford sold 443,000 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was 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 of the company’s stock, valued at $56,783,977.53. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Roger Paul Beynon sold 10,976 shares of CleanSpark stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total value of $195,921.60. Following the completion of the sale, the director now owns 141,381 shares of the company’s stock, valued at $2,523,650.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,169,620 shares of company stock worth $24,963,509. 3.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its holdings in shares of CleanSpark by 14.1% during the 1st quarter. JPMorgan Chase & Co. now owns 21,634 shares of the company’s stock worth $268,000 after acquiring an additional 2,678 shares in the last quarter. Bank of New York Mellon Corp raised its stake in CleanSpark by 8.9% during the first quarter. Bank of New York Mellon Corp now owns 183,219 shares of the company’s stock valued at $2,266,000 after purchasing an additional 14,977 shares in the last quarter. MetLife Investment Management LLC lifted its position in CleanSpark by 58.5% during the first quarter. MetLife Investment Management LLC now owns 22,472 shares of the company’s stock valued at $278,000 after purchasing an additional 8,294 shares during the last quarter. Rhumbline Advisers grew its stake in shares of CleanSpark by 15.2% in the 1st quarter. Rhumbline Advisers now owns 48,466 shares of the company’s stock worth $600,000 after buying an additional 6,407 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in shares of CleanSpark by 10.8% in the 1st quarter. BlackRock Inc. now owns 2,524,449 shares of the company’s stock worth $31,228,000 after buying an additional 246,633 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CLSK. BTIG Research raised their target price on shares of CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research report on Monday. JPMorgan Chase & Co. raised their target price on CleanSpark from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Cantor Fitzgerald boosted their price target on CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Finally, TheStreet raised CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, CleanSpark presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.22.

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.